China’s exports continued to expand at a rapid pace in December, pushing its trade surplus to a record high in the month and helping to underpin the economy’s recovery.
Exports grew 18.1 per cent in dollar terms in December from a year earlier, while imports rose 6.5 per cent, the customs agency said on Thursday, beating economists’ expectations. That left a trade surplus of $78.2 billion for the month, higher than the $72bn median estimate in a Bloomberg survey of economists.
For the full year, the trade surplus reached $535bn, a 27 per cent increase from 2019 and the highest since 2015.
Exports surged last year as the coronavirus and subsequent lockdowns fuelled overseas demand for personal protective gear and stay-at-home electronic devices. With the pandemic largely under control domestically, factories were able to resume production earlier than most other places, enabling China to meet rising global demand.
December’s shipments eased from November’s bumper 21.1 per cent expansion, but still remained strong as the global economy continues to recover.
New lockdowns in Europe, the US and elsewhere could continue to spur demand for Chinese-made consumer goods, though they will weigh on the global recovery. China is also battling a new wave of virus cases, with restrictions to contain the infections in some areas already causing disruption to business activity.
Li Kuiwen, an official at China’s General Administration of Customs, said the trade surplus may keep growing this year, supported by an expected recovery in the global economy and stable domestic growth.
Jian Chang, chief China economist at Barclays, said the data is in line with strong regional figures elsewhere, such as South Korea and Vietnam. Shipping costs have also soared because of a shortage of containers, reflecting booming conditions ahead of the Lunar New Year holidays.
“The external recovery has continued,” Ms Chang said. “Chinese manufacturers have flexibly adjusted their production lines to produce goods to meet the demand through the new Covid era.”
Both pandemic and non-pandemic related goods are growing strongly, she said.
"The data showed external demand is driving China’s economic recovery, and this will likely continue in the coming months. Exports should jump in the first quarter, partly due to stronger US demand from the expected economic relief package," David Qu, China economist at Bloomberg Economics, said.
The data probably won’t shift the central bank from its stance of gradually withdrawing monetary stimulus, without any sharp turn in policy, Ms Chang said, adding that there is unlikely to be any interest-rate cut or hike this year.
China’s exports to the US surged 34.5 per cent in December from a year earlier, while imports of American goods rose 47.7 per cent, the most since January 2013. For the full year, the trade surplus with the US was $316.9bn, 7 per cent higher than in 2019.
The 10-member bloc of Southeast Asian nations became China’s top trading partner, followed by the European Union and the US.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Company%20profile
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At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
Chef Nobu's advice for eating sushi
“One mistake people always make is adding extra wasabi. There is no need for this, because it should already be there between the rice and the fish.
“When eating nigiri, you must dip the fish – not the rice – in soy sauce, otherwise the rice will collapse. Also, don’t use too much soy sauce or it will make you thirsty. For sushi rolls, dip a little of the rice-covered roll lightly in soy sauce and eat in one bite.
“Chopsticks are acceptable, but really, I recommend using your fingers for sushi. Do use chopsticks for sashimi, though.
“The ginger should be eaten separately as a palette cleanser and used to clear the mouth when switching between different pieces of fish.”
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How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Russia's Muslim Heartlands
Dominic Rubin, Oxford
Celta Vigo 2
Castro (45'), Aspas (82')
Barcelona 2
Dembele (36'), Alcacer (64')
Red card: Sergi Roberto (Barcelona)
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
Killing of Qassem Suleimani
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Killing of Qassem Suleimani
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 3/5
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
UAE currency: the story behind the money in your pockets
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0
Results:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
Winner: AF Al Sajanjle, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
Winner: Blue Point, William Buick, Charlie Appleby
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
Winner: Muntazah, Jim Crowley, Doug Watson
8.15pm: Meydan Trophy Conditions (TB) | $100,000 (T) | 1,900m
Winner: Art Du Val, William Buick, Charlie Appleby
8.50pm: Balanchine Group 2 (TB) | $250,000 (T) | 1,800m
Winner: Poetic Charm, William Buick, Charlie Appleby
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
Winner: Lava Spin, Richard Mullen, Satish Seemar
10pm: Handicap (TB) | $175,000 (T) | 2,410m
Winner: Mountain Hunter, Christophe Soumillon, Saeed bin Suroor
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
ATP WORLD No 1
2004 Roger Federer
2005 Roger Federer
2006 Roger Federer
2007 Roger Federer
2008 Rafael Nadal
2009 Roger Federer
2010 Rafael Nadal
2011 Novak Djokovic
2012 Novak Djokovic
2013 Rafael Nadal
2014 Novak Djokovic
2015 Novak Djokovic
2016 Andy Murray
2017 Rafael Nadal
2018 Novak Djokovic
2019 Rafael Nadal
