HONG KONG (AP) — China’s trade surplus surged to a record of almost $1.2 trillion last year, the government said Wednesday, as exports picked up in December.

Customs data showed that China’s global surplus rose 20% from the previous year, with exports at $3.77 trillion and imports at $2.58 trillion. The 2024 trade surplus was $992 billion.

China’s exports for December were up 6.6% from the previous year, better than economists’ estimates and higher than November’s 5.9% year-on-year increase. Imports in December were up 5.7% year-on-year, compared to November’s 1.9%.