Last update: Sat, 06 Feb 2016 04pm
Home» World » Global Business & Economy

China 2012 trade surplus surges 48pc to $231 billion

china-flag 400BEIJING: China's trade surplus surged 48.1 percent to $231.1 billion in 2012, though total trade volume grew at a much slower pace in the face of economic weakness at home and abroad, official data showed Thursday.


Exports from the world's second-largest economy rose 7.9 percent to $2.05 trillion from the previous year, while imports increased 4.3 percent to $1.82 trillion, the national customs bureau said.


China's trade volume, or the total of exports and imports, grew 6.2 percent in 2012, well below the government target of about 10 percent.


Customs spokesman Zheng Yuesheng said 2012's performance came "despite a sharply slowing world economic recovery, weak international market demand and rather big downside pressure on the domestic economy".


Zheng told reporters: "China's foreign trade continued to grow steadily and made further progress in improving quality, increasing profits and optimising structure."


The figures came after the country's economic growth slowed for seven straight quarters to the end of September, while the broader global economy also faced weakness in 2012.


The European Union -- China's biggest trade partner -- continued to suffer through a prolonged debt crisis, while economic recovery in the United States, Beijing's number two commercial counterpart, remained subdued.


Zheng blamed sluggish foreign demand, rising production costs in China, increasing global protectionism and weakening domestic demand for the failure to meet the 10 percent volume growth target.


Still, he put a positive spin on the disappointment, describing the 6.2 percent increase as "hard earned" and the best among major economies.


He added the negative factors that hurt trade last year remain in place in 2013, but still saw some reason for optimism, citing efforts to boost growth by China and other major economies.


"We expect trade growth in 2013 to be slightly better than 2012."


The countries of ASEAN (the Association of South-East Asian Nations) were China's third-largest trade partner in 2012, while Hong Kong overtook Japan to slot into fourth place.


Total trade with Japan fell 3.9 percent during the year to $329.45 billion, Zheng said, blaming most of that decrease on a weak Japanese economy.


But he added that a dispute between Beijing and Tokyo over small islands in the East China Sea that both claim but Japan controls "to some extent also had negative impact on the healthy development of China-Japan bilateral trade".

Copyright AFP (Agence France-Presse), 2013