But plunging shipments in December suggest exports are likely to struggle in early 2023 as the global economy weakens.<\/a><\/p>\n\n\n\n The country\u2019s total trade of goods hit an all-time high in 2022, reaching 42.07 trillion yuan ($6.3 trillion), up 7.7% from 2021, according to data released by the General Administration of Customs on Friday.<\/p>\n\n\n\n Measured in US dollars, exports jumped 7% in 2022, while imports increased 1.1%. That translates into a trade surplus of $877.6 billion, surpassing 2021\u2019s record of $676 billion.<\/p>\n\n\n\n The huge trade surplus was thanks to strong export growth during the first quarter of 2022, as a weak Chinese currency<\/a> and rising prices of goods<\/a> helped boost the value of exports.<\/p>\n\n\n\n However, the trend started to shift in October. Exports dropped 0.3% that month, the first decline since mid-2020. They fell further in November by 8.7%.<\/p>\n\n\n\n Friday\u2019s data showed that the contraction deepened in December, as exports plunged 9.9%, the worst drop since the the start of the coronavirus outbreak in February 2020.<\/p>\n\n\n\n This aerial photo shows cargo containers stacked at a port in Qingdao, in China’s eastern Shandong province, on June 9, 2022.Stringer\/AFP\/Getty Images<\/p>\n\n\n\n \u201cThis drop can be pinned on weakening global demand for Chinese goods, as well as some disruption to logistics networks and goods supply due to labor shortages amid the reopening wave of infections,\u201d said Capital Economics analysts in a Friday research note.<\/p>\n\n\n\n China abruptly dismantled<\/a> its rigid zero-Covid policy in early December. But the sudden shift caught the public off guard<\/a>, with infections surging across the country. <\/a>That has caused disruptions to factory production and consumer activity.<\/p>\n\n\n\n Imports slumped 7.5% in December, which was slightly better than November\u2019s 10.6% drop. Analysts expect China\u2019s reopening to boost imports, but exports will still struggle over the coming quarters.<\/p>\n\n\n\n \u201cThe rapid fading of virus disruptions as China adapts to living with Covid-19, along with broader policy support, will drive a sharp recovery in domestic demand that will lift imports,\u201d the Capital economics analysts said.<\/p>\n\n\n\n However, \u201cwith growth outside of China still slowing, exports may continue to contract until the middle of the year,\u201d they said. China also announced Friday its trade with Russia hit a new record high in 2022.<\/p>\n\n\n\n The goods trade between the two countries reached 1.28 trillion yuan (<\/strong>$190 billion) last year, up more than 30% from 2021, according to Lyu Daliang, the spokesman for the customs authority.<\/p>\n\n\n\n That currently accounts for 3% of China\u2019s total trade, he added. The two countries have forged much closer economic ties<\/a> since Russian President Vladimir Putin visited Beijing<\/a> in February 2022, shortly before Moscow invaded Ukraine.<\/p>\n\n\n\n![\"This](\"https:\/\/media.cnn.com\/api\/v1\/images\/stellar\/prod\/230113012420-01-china-port-qingdao-060922.jpg?c=16x9&q=h_270,w_480,c_fill\")
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<\/p>\n\n\n\nRussia ties<\/h2>\n\n\n\n