China’s trade surplus in goods hit a historic $1.2tn last year, fuelling what has been dubbed the “China shock 2.0”, in which other countries are being swamped not with cheap clothes and toys but advanced electronics, green tech and cars.
Beijing will report April trade figures on Saturday. Economists polled by Bloomberg expect a surplus of $82bn for the month, up from $51bn in March.
Despite strains in parts of China’s economy, it is less exposed than other countries to the surge in oil and gas prices from the Iran war because of its greater use of coal and renewables. This should make its exports more competitive, as costs rise less in China than elsewhere.
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