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Amid the raging trade war between the world’s two largest economies, Beijing posted its largest trade surplus with Washington in more than a decade.
China’s trade surplus with the U.S. — closely watched amid a bitter trade dispute between the two countries — grew 17 percent from a year ago to hit $323.32 billion in 2018. It was the highest on record dating back to 2006, according to Reuters’ calculations.
Exports to the U.S. rose 11.3 percent on-year in 2018, while imports from the U.S. to China rose 0.7 percent over the same period.
China’s overall trade surplus in 2018 was $351.76 billion. Exports in the whole of 2018 rose 9.9 percent from 2017 while imports grew 15.8 percent over the same period, official dollar-denominated data showed on Monday.
Last year’s trade surplus was the lowest since 2013, even though export growth was the highest since 2011, according to Reuters’ records.
China’s customs said on Monday that the biggest worry in trade this year is external uncertainty and protectionism, forecasting the country’s trade growth may slow in 2019.
Asia’s largest economy is still growing steadily in 2019, but it faces external headwinds, said customs spokesman Li Kuiwen at a scheduled briefing, according to Reuters.
While official data indicated China’s economy held up for much of last year, it now appears to be slowing as production metrics and export orders fall as the country’s trade dispute with the U.S., its largest trading partner, drags on.
Beyond the tariffs battle, China’s economy has been facing its own domestic headwinds. Even before U.S. President Donald Trump kicked off the latest escalation in trade tensions, Beijing was already trying to manage a slowdown in its economy after decades of breakneck growth.
Both sides have been trying to negotiate a deal, with the latest round of talks between Chinese and U.S. officials concluding last Wednesday.
China’s Commerce Ministry said last Thursday that the talks were extensive and established a foundation for the resolution of each others’ concerns.
—Reuters contributed to this report.
Clarification: This article has been updated to clarify that China’s overall trade surplus for 2018 was $351.76 billion.