/ world today news/ From March to December, China exported 52 billion dollars worth of medical masks alone. The main trading partners of the Middle East in 2020 turned out to be the ASEAN countries, not the EU, as in recent years.
China’s trade surplus reached a record $78.2 billion, and according to full-year 2020 data, this indicator amounted to $535 billion (+27.5 year-on-year, record figures since 2015).
China’s trade balance by month in billions of dollars. Source: Bloomberg
Exports of goods in the US increased in December by 34.5% on an annual basis, and imports by 47.7 (a record value since 2013). For the whole of 2020, China’s trade surplus with the US was $317 billion, which is 7% more than last year.
It is interesting that in 2020, the main trading partners of the Middle Kingdom are the ASEAN countries, and not the EU, as in the past year.
China’s trade with ASEAN (orange), the US (white) and the EU (blue) in billions of dollars. Source: Bloomberg
China has become one of the main beneficiaries of the coronavirus pandemic thanks to a surge in demand for telecommuting technology and medical equipment. In particular, between March and December, China exported 224 billion medical masks worth $52 billion.
Demand for Chinese goods is so high that it is creating logistical problems at the country’s ports, with manufacturers complaining of container shortages and rising shipping rates.
“Exports to China remain remarkably resilient despite the arrival of the second wave of the coronavirus.” notes Societe Generale economist Michel Lamm.
Experts from “Standard Chartered” and “Bloomberg” predict that in the coming months the demand for Chinese goods will remain strong.
Translation: V. Sergeev
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