China's foreign trade grows by 30.3 % in 2021

China's international market reaches a record figure of more than 6 trillion dollars
Foreign Trade Container Terminal of the Port of Qingdao, in the eastern province of Shandong, China

PHOTO/AFP  -   Foreign Trade Container Terminal of the Port of Qingdao, in the eastern province of Shandong, China

In 2021, China's trade increased by 30.3% compared to the previous year, reaching a historic figure of 6.05 trillion dollars, according to Li Kuiwen, a member of the country's General Administration of Customs, as reported by the South China Morning Post.   

Likewise, Chinese exports also suffered an increase in 2021, reaching up to 29.9%, which, in turn, means a figure of 3.36 trillion dollars, caused by a great demand from abroad in the process of the global economic recovery, which according to various experts is being uneven and ephemeral.   

However, according to the previous agency, the country's imports grew by 30.1%, making possible a total of 2.69 trillion dollars.   

Contenedores marítimos
PHOTO/MARIO TAMA/GETTY IMAGES/AFP - Maritime containers

This means that China's trade surplus has exceeded 670 billion dollars during the year, which means an increase of almost 25% and a positive difference of more than 16% compared to the 2020 figures, according to official data from the Chinese customs agency.

It is worth noting, that the most assiduous trade exchanges have been with Latin America in first place, the United States, and the Association of Southeast Asian Nations (ASEAN) continue the list, while the European Union (EU) ranks fourth in the breakdown.

"Looking ahead to this year, trade faces increasing uncertainty, instability and imbalance. The Chinese economy faces triple pressure, including demand contraction, supply shocks and weakening expectations," Li Kuiwen reported.  

Export shipping containers stacked at a port in Lianyungang, eastern China's Jiangsu province, March 7, 2021, as the country's export growth jumped to the highest in more than two decades, official data showed March 7
PHOTO/AFP - Export shipping containers stacked at a port in Lianyungang, eastern China's Jiangsu province, March 7, 2021, as the country's export growth jumped to the highest in more than two decades, official data showed March 7

"The global pandemic remains severe, the external environment is increasingly complex and uncertain, and, compounded by the high base in 2021, trade in 2022 will face some pressure," the China General Administration of Customs spokesman added.   

In addition, Kuiwen stressed that "China's economy is resilient" even despite the myriad of "difficulties and challenges," assuring that "long-term positive fundamentals will not change." 

However, the official notes that it is of utmost importance to "strengthen our resolve to maintain stable trade."   

El comercio exterior se supera en mayo y confirma el buen momento económico.
Luis Alcaide/CapitalMadrid - Foreign trade outperforms in May and confirms good economic momentum.
TRADE BETWEEN CHINA AND RUSSIA 

 

2021 has been a year of significantly increased trade relations between China and Russia. Trade between the two countries has grown exponentially, reaching a 35.8% increase over the last year, setting its record at $146.88 billion.

 According to data from the Customs Administration of the Asian country, Chinese imports to Russia grew by 37.5% last year, while exports grew by 33.8%.

Despite the fact that, in 2020, trade relations between the two countries suffered a reduction of about 3%, 2021 has marked an upward pace in bilateral trade relations. This upward trend had been increasing annually since 2009 when China became Russia's main trading partner.   

However, the expansion of trade between the two countries was mainly caused by the increase in Russian hydrocarbon sales to China and also due to the high growth of Chinese exports of manufactured goods to the Russian market. 

Luis Alcaide/CapitalMadrid  Pie de foto: El comercio exterior se supera en mayo y confirma el buen momento económico.
REUTERS/IVAN ALVARADO  -   The stock market logo is seen in a financial district in Santiago
TRADE RELATIONS BETWEEN CHINA AND THE UNITED STATES

 

China's imports from the United States increased last year by about 33% and its exports to the US grew by 27.5%.

Despite this, in recent years China has experienced the highest economic growth in history, mainly due to its integration into global production chains for the assembly of components.  

However, little by little, Chinese companies have managed to produce high-tech goods, becoming a serious competitor for other countries, especially the United States.

Banco Mundial/Chhor Sokunthea

In the last decade, China has been replacing the United States as the main supplier to Asia, Africa, Europe and South America.

The Asian country set out to build a digital platform that did not depend on American technology 

As for the latter, its motives could be due to the Chinese government's interest in regulating technology companies to award itself the collection and management of information relating to citizens.

Imagen de un buque carguero
PHOTO/MARIO TAMA/GETTY IMAGES/AFP - Image of a cargo vessel

In 2018, a trade war was established between China and the United States, with Trump imposing tariff increases and limitations on imports, and even vetoing companies such as Huawei or Tik Tok. 

China has become the world's factory and is pursuing to become the world's leading technological power, having led the development of 5G. 

The present situation in trade relations between the two countries is one of tension and a certain struggle for hegemony in world trade. The future will be marked by a commercial rupture or, on the contrary, a cessation of tensions and a shared hegemony in international trade.