China’s international trade soars in 2022

Photo by Denys Nevozhai on Unsplash
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Many top economies have reported significant growth in trade with China in 2022 with some figures even setting records, showing ever-closer trade links and supply chain cooperation between China and the rest of the world.

Volume hits new highs

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Newly released US official data showed that trade between the United States and China hit a record $690.6 billion in 2022, indicating robust trade growth despite decoupling rhetoric.

The data showed that despite US government decisions to add tariffs and impose export curbs and some politicians calling for decoupling, trade growth between the two major economies remains robust.

Meanwhile, total trade volume between the EU and China last year grew about 23 percent from 2021, hitting 856.3 billion euros ($910.6 billion), another new high, according to statistics released by Eurostat on Feb 15.

In 2022, total trade between China and Germany grew 20.9 percent year-on-year to 297.9 billion euros, according to the Federal Statistical Office of Germany. China has been Germany’s most important trading partner for seven years in a row.

“The Chinese economy is too big to decouple from completely,” Juergen Matthes, an expert at the German Economic Institute, said earlier last month. “No one wants that, and it would not make sense.”

Data from the General Administration of Customs of China showed that China’s total trade volume with Africa, the Association of Southeast Asian Nations and Latin America in 2022 reached $282.0 billion, $975.3 billion and $485.8 billion, respectively, representing year-on-year increases of 11.1 percent, 11.2 percent and 7.7 percent, shattering previous records.