Natálie Dvořáková

Amid US-China trade tensions and a shifting geopolitical context, China’s widening trade surplus, particularly in goods, has attracted considerable attention. Before the COVID-19 pandemic, Chinese exports and imports tended to move in tandem. Since then, however, a clear decoupling has taken place: goods exports have risen well above their pre-pandemic trend, while goods imports have stagnated below their 2021 level (Chart A).