Trade balance of goods in China by month 2020-2022
International trade in China
China surpassed the United States as the worlds’ largest goods trading economy in 2013. The total value of China’s imports and exports amounted to around four trillion U.S. dollars that year, a 7.6 percent increase from a year earlier.
China has become a vital trade partner for many economies. In 2017, almost 22 percent of the United States’ imports originated in China. Germany’s exports to China exceeded exports to the UK and Italy in 2017, as was reported by the CIA.
A trade surplus occurs when exports of a country exceed its imports. It leads to a net inflow of domestic currency from foreign countries. The trade balance is a major growth factor for an economy. As a consequence of running a large trade surplus, China holds a vast amount of foreign exchange reserves. Foreign exchange reserves may be viewed as a sign of national strength, but also represent a form of forced savings on the people. China was the country with the highest trade surplus of approximately 535 billion U.S. dollars as of 2020.