Before the outbreak of Covid last year, China was already outperforming every major economy across the world. It was one of the fastest growing economies posting massive trade surpluses.
The second biggest economy in 2020 with a trade surplus of $78 billion despite being the origin of the Covid virus. According to the official statistic released by the Chinese, rather than shrink, China’s overall trade surplus hit an all time high of $535 billion which is 27% higher than that of 2019. Consequently, Chinese exports continued to rise.
Many countries in the globe traded with China before the pandemic and this has continued. The impact of the pandemic has made these countries even more reliant on China for supplies. Many analysts have attributed China’s tremendous economic successes to the way its administrators managed the pandemic despite breaking out at Wuhan. This was especially true in the electronics and protective gear industry as many people worked remotely from home. China was one of the first countries to open for business when other countries were still battling with the effects of the virus. Furthermore, the production capacity in many of these countries including the US was halted and many of them were reliant on the Chinese for supplies of Covid related goods.