(Yicai Global) Jan. 14 -- China’s trade surplus vaulted 67 percent last month from a year earlier, setting a new monthly high, as exports grew more than expected. 

December’s trade surplus was USD78.2 billion, according to data the General Administration of Customs released today. That was more than the market consensus of USD72 billion and came after November’s surplus had more than doubled to USD75.4 billion.

Exports rose for the seventh consecutive month in December, jumping 18.1 percent to USD281.8 billion, compared with a 15 percent forecast.

Stronger overseas demand for medical and other goods amid the coronavirus pandemic has buoyed China’s exports. Chinese manufacturers have also been back at work for months, while industry abroad has been hampered by lockdowns.

Overall trade volume was USD485.7 billion, up 12.9 percent. Imports rose 6.5 percent to USD203.8 billion versus a consensus for a 5.7 percent gain.

For the whole year of 2020, China’s trade surplus was USD535 billion, a 27 percent increase from the previous year.

Total trade volume was USD4.65 trillion, up 1.5 percent, demonstrating that the country’s commerce has overcome the impact of the coronavirus pandemic.

Exports in goods and services rose 3.6 percent to USD2.59 trillion, while imports stood at USD2.06 trillion, a drop of 1.1 percent.

Editor: Ben Armour