In this photo taken Wednesday, Jan. 4, 2012, a container is loaded onto a truck, right, at a port in Qingdao in east China’s Shandong province. China’s trade suffered its biggest decline since the 2008 crisis in January, a new sign of weak global demand and a slowing domestic economy. Exports fell 0.5 percent from a year earlier to $149.9 billion, while imports were down 15 percent at $122.7 billion, customs data showed Friday, Feb. 10, 2012. (AP Photo) CHINA OUT
Despite U.S. President Donald Trump launching a high-stakes trade war against Beijing last year, China on Monday announced that its 2018 trade surplus with Washington was its largest in more than a decade.
China’s surplus with the U.S. grew 17 percent from a year ago to hit $323.32 billion in 2018, according to government data. It was the highest on record dating back to 2006, according to Reuters.
Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose a meager 0.7 percent over the same period.
China’s overall trade surplus for 2018 was $351.76 billion, the government said. Exports in the whole of 2018 rose 9.9 percent from 2017 while imports grew 15.8 percent over the same period, official dollar-denominated data showed.
While the surplus with the U.S. may have risen, last year’s overall Chinese trade surplus was the lowest since 2013, even though export growth was the highest since 2011, according to Reuters’ records.
China’s General Administration of Customs said on Monday that the biggest worry in trade this year is external uncertainty and protectionism, forecasting the country’s trade growth may slow in 2019.
Asia’s largest economy is still growing steadily in 2019, but it faces external headwinds, said customs spokesman Li Kuiwen at a scheduled briefing, Reuters reported.
While official data indicated China’s economy held up for much of last year, it now appears to be slowing as production metrics and export orders fall as the country’s trade dispute with the U.S., its largest trading partner, drags on.