January 13, 2023

The mighty Chinese trade engine overcame a number of difficulties including corona-virus lockdowns and faltering overseas demand to exceed 40 trillion yuan ($5.96 tril-lion) for the first time in history in 2022, data released by the Chinese customs showed on Friday, demonstrating the resilience and ability of China's trade sector to withstand pressure, which economists hailed as being the real tower of strength sup-porting global supply chain stability in the past three years. 

They also forecast that China's trade will maintain stable growth in 2023, as the coun-try has recently moved to optimize COVID management and as China's trade struc-ture continued to improve, although the export sector will come under some extra pressure with looming slowdown risks among major global economies.

In renminbi terms, China's total goods imports and exports surged 7.7 percent year-on-year to 42.07 trillion yuan ($6.26 trillion) in 2022, hitting a new record. The coun-try's exports achieved a double digit growth of 10.5 percent last year to 24 trillion yu-an, while imports rose by 4.3 percent. The trade surplus swelled to 5.9 trillion yuan from 2021's level of 5.3 trillion yuan, reflecting the strength of the country's exports.

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