China's trade surplus could narrow to $238 billion this year – about 35% of the historic $676 billion attained last year, according to ANZ Research estimates.
The Asian manufacturing giant's trade surplus could narrow to $238 billion this year – just about 35% of the historical high of $676 billion attained last year, according to estimates from ANZ Research.
"The war in Ukraine will soon start to weigh on net trade due to softer foreign demand and a higher import bill," said Julian Evans-Pritchard, senior China economist at research firm Capital Economics. Cargo ships load and unload containers at Qingdao Port's foreign trade container terminal in Qingdao, East China's Shandong Province, Nov 11, 2021.China's trade surplus surged to historic highs during the pandemic as people consumed more goods than before, but analysts say the Russia-Ukraine war is set to change that.
The Asian manufacturing giant's trade surplus could narrow to $238 billion this year – about 35% of the historic $676 billion attained last year, according to estimates from ANZ Research. "The war in Ukraine will soon start to weigh on net trade due to softer foreign demand and a higher import bill," said Julian Evans-Pritchard, senior China economist at research firm Capital Economics.could cause a broader slowdown in the global economyThe European Union is China's second-largest trading partner, accounting for about 15% of the Asian country's total exports.
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