China's trade surplus surges to record $676.4B in 2021
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China’s politically volatile global trade surplus surged to $676.4 billion in 2021, likely the highest ever recorded by any country, as exports jumped 29.9% over a year earlier despite semiconductor shortages that disrupted manufacturing.
The country’s trade surplus in December swelled 20.8% over a year earlier to a monthly record of $94.4 billion, customs data showed Friday.
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China piled up a series of monthly export surpluses in 2021 but they prompted less criticism from the United States and other trading partners than in earlier years while they focused on containing coronavirus infections.
Exports rose to $3.3 trillion in 2021 despite shortages of processor chips for smartphones and other products as global demand rebounded from the pandemic. Manufacturers also were hampered by power rationing imposed in some areas.
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The surplus with the United States, one of the irritants behind a lingering U.S.-Chinese trade war, rose 25.1% in 2021 over a year earlier to $396.6 billion. Trade envoys have talked since President Joe Biden took office in January but have yet to announce a date to resume face-to-face negotiations.