China’s current account surplus rose sharply in 2022, thanks to the nation’s resilient strength in exports and a dropoff in demand for imports as the domestic economy slowed.
(Bloomberg) — China’s current account surplus rose sharply in 2022, thanks to the nation’s resilient strength in exports and a dropoff in demand for imports as the domestic economy slowed.
The current-account balance at the end of last year was $417.5 billion, the State Administration of Foreign Exchange said Friday. That was 32% higher than 2021 and the most since 2008.
Last year’s surplus accounted for 2.3% of gross domestic product, SAFE said in a statement, adding that the amount was within a reasonable and balanced range.
The country’s balance of payments is expected to stay “generally balanced” this year despite many external uncertainties, Wang Chunying, the regulator’s spokesperson, said in the statement. Wang cited the expectation that economic recovery will continue.
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