Exports increased 7% from a year earlier to $3.95 trillion, decelerating from 2021′s explosive 29.9% gain, customs data showed Friday. Imports edged up 1.1% to 2.7 trillion, cooling from the previous year’s 30.1% rise as economic growth slowed and consumer spending weakened.
The country’s politically volatile global trade surplus expanded by 29.7% from 2021′s record, already the highest ever for any economy, AP reported.
“China’s foreign trade and exports showed strong resilience in the face of many difficulties and challenges,” said a customs agency spokesperson, Lu Daliang, at a news conference.
Economists say the only comparison for China’s vast trade surplus as a percentage of its economy was Saudi Arabia and other oil exporters during their 1970s price boom, but their total revenues were smaller.
The swollen surplus has strained the ability of China’s central bank to manage the exchange rate of its yuan, which rose to multi-year highs against the US dollar as money flowed into the country.