US-China trade surplus hit record high in 2018

SHANGHAI, Jan 14 (SMM) – Despite a Beijing-Washington trade dispute last year, China's trade surplus with the US rose 17% on the year to $323.32 billion in 2018, according to data by the State Council on Monday January 14. This exceeded a surplus of $275.8 billion in 2017, the highest level on record. 

Exports to the US rose 11.3% year-on-year in 2018, while imports from the US to China nudged up 0.7% over the same period.

China’s December exports in dollar terms fell 4.4% from a year earlier, while imports dipped 7.6%, both the lowest reading since 2016, leaving a trade surplus of $57.1 billion last month, according to government data. 

Overall trade surplus for 2018 stood at $351.76 billion, down 16.1% from 2017, and the lowest since 2013, the government said. 

However, exports in 2018 increased 9.9% from 2017 while imports grew 15.8% over the same period, showed official data. This brought total imports and exports value to an all-time high of $4.62 trillion. 

Asia's largest economy will develop steadily in 2019, but will continue to face headwinds from the complicated and severe external environment, Li Kuiwen, a spokesman for the General Administration of Customs, said at a briefing on January 14.