2022 exports rise by 10.5%, foreign trade still faces many challenges

A spokesperson from China Customs said on Friday, “foreign trade still faces many challenges and difficulties this year.”

“Fundamentals of long-term improvement remain unchanged, and the economy is expected to rebound as a whole this year,” the spokesperson added.

China Customs’ spokesperson noted: “In 2022, China’s trade with Russia hit 1.28 trillion yuan, a new high.”

The comments come after China Customs reported the 2022 trade balance data, showing that the country’s exports rose 10.5% in Yuan terms in 2022 compared to the previous year while imports grew 4.3% over the same period.

Meanwhile, China’s Jan-Dec Trade Balance expanded by +5.87 trillion Yuan. For the first time, China’s trade volume in 2022 exceeded 40 trillion Yuan.

Market reaction

AUD/USD is unimpressed by the above data, keeping its range near daily lows of 0.6948, down 0.31% on the day.