Trade rises to new high
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Foreign trade surged 22.6 percent in 2021 to a new high of $668.5 billion despite the supply chain disruptions caused by Covid-19.
Exports were up 19 percent at over $336 billion, but domestic companies only accounted for 26.4 percent of it.
Over 35 categories of goods saw exports of over $1 billion.
Imports grew by 26.5 percent to $332 billion, with domestic companies accounting for 34 percent.
The U.S. was the biggest market buying goods worth $95.6 billion, while China was the biggest source of imports ($109.9 billion).
There was a trade surplus of $4 billion, the sixth straight year in which exports have exceeded imports.
But the trade deficit with China not only continued but increased by 53 percent to $54 billion.
Questions & Answers
Q.What was the total value of foreign trade in 2021?
What was the total value of foreign trade in 2021?
Foreign trade reached a new high of $668.5 billion in 2021. This represented a 22.6 percent surge compared to the previous year.
Q.Which country was the largest market for exports?
Which country was the largest market for exports?
The U.S. Was the biggest market for exports, buying goods worth $95.6 billion. This made it the top destination for the country's exported products.
Q.Did the trade balance with China improve or worsen?
Did the trade balance with China improve or worsen?
The trade deficit with China worsened, increasing by 53 percent to $54 billion. This indicates a continued imbalance in trade between the two countries.
Q.How much of the total exports were from domestic companies?
How much of the total exports were from domestic companies?
Domestic companies accounted for 26.4 percent of the total exports. Exports were up 19 percent, reaching over $336 billion in 2021.
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