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Hong Kong
CNN
—
China reported a record trade surplus for 2022, as its key export sector delivered robust growth for most of last year, providing much-needed support for the world’s second largest economy that’s hammered by its zero-Covid policy.
But plunging shipments in December suggest exports are likely to struggle in early 2023 as the global economy weakens.
The country’s total trade of goods hit an all-time high in 2022, reaching 42.07 trillion yuan ($6.3 trillion), up 7.7% from 2021, according to data released by the General Administration of Customs on Friday.
Measured in US dollars, exports jumped 7% in 2022, while imports increased 1.1%. That translates into a trade surplus of $877.6 billion, surpassing 2021’s record of $676 billion.
The huge trade surplus was thanks to strong export growth during the first quarter of 2022, as a weak Chinese…
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