China drives strong recovery in global trade

China drives strong recovery in global trade

According to data released by the U.S. Department of Commerce recently, the U.S.’s total imports in 2021 will be $3.39 trillion, up 20.5% year-on-year; total exports will be $2.53 trillion, up 18.5% year-on-year, both hitting record highs. Among them, U.S. merchandise exports to China increased by 21.4% year on year to $151.1 billion, the highest level in history. Last year, China accounted for a whopping 19 percent of U.S. agricultural exports, up from 16 percent in 2015.

According to UK data, in 2021, the UK imported about 63.5 billion pounds of goods from China, about 12 billion pounds more than German goods and about 26 billion pounds more than US goods. Chinese goods account for about one-seventh of the UK’s total imports. British media reported that imports from China accounted for about 14% of the UK’s total imports, reaching a record high.

German exports in 2021 will increase by 14% year-on-year to a record 1,375.5 billion euros, 3.6% higher than the pre-pandemic level in 2019. The US, China, and France are Germany’s most important export destinations.

In 2021, Georgia’s exports will increase by 26.9% year on year, of which the growth rate of exports to China will be as high as 28.9%. China has become Georgia’s largest export market, accounting for about one-seventh of Georgia’s total exports in 2021.

Analysts believe that due to the continued economic recovery and the deepening of opening-up, the Chinese market demand has soared, which provides an opportunity for the trade and economy of other countries to shake off the shadow of the epidemic.

Zhang Lin, an assistant researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said that China’s massive imports are an important engine for global trade growth and played a “stabilizer” role when the world economy and trade were severely hit by the epidemic. In addition, in addition to the increase in quantity, China’s import sources are also increasingly diversified, and it has begun to expand from developed economies to developing and emerging economies, which means that more and more countries can benefit from trade with China and share the dividends of China’s economic development. more.