China’s Exports Jumps 29.9, Imports Grows 30.1 Percent in 2021

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China’s exports and imports by the end of 2021 increased by 29.9% and 30.1% respectively, despite the COVID-19 outbreaks, according to the data provided by the Chinese federal customs service.

In 2021, China’s exports went up to $3.364 trillion, with imports rising to $2.687 trillion, the Chinese federal customs service said. The Chinese foreign trade volume increased by 30% and amounted to $6.051 trillion. The positive balance of China’s external trade over the reporting period amounted to $676.4 billion.

Association of Southeast Asian Nations (ASEAN), the United States and the European Union topped the list of key Chinese trading partners in 2021.

In 2021, China also reduced oil imports by 5.4% compared to 2020, while imports of natural gas and coal increased by 19.9% and 6.6%, respectively.

China imported 513 million tonnes of oil last year. In terms of value, the purchase of foreign crude oil cost China $257.331 billion (44.2% more than in 2020). Imports of natural gas to China in 2021 amounted to 121.356 million tonnes costing $55.809 billion (in terms of value, it increased by 67.6% compared to 2020). In addition, China also imported 323.21 million tonnes of coal worth $35.896 billion a 76.9% increase compared to 2020.

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