(WNAM Monitoring): China’s total import and export of goods expanded 5 percent year on year in yuan terms in the first quarter of 2024, setting new records in both scale and growth rate, official data showed Friday.
From January to March, the country’s foreign trade in goods stood at 10.17 trillion yuan (about $1.43 trillion), according to the General Administration of Customs (GAC).
Exports from the world’s second-biggest economy were 4.9 percent higher year on year, reaching 5.74 trillion yuan; while imports rose 5 percent to 4.43 trillion yuan, data showed.
This is the first time that the country’s foreign trade has exceeded 10 trillion yuan in the first quarter, while the growth rate hit a six-quarter high, GAC vice minister Wang Lingjun told a press conference.
In particular, exports of mechanical and electrical products increased by 6.8 percent, accounting for 59.2 percent of total exports, while cross-border e-commerce trade increased by 9.6 percent.
From January to March, China’s trade to Belt and Road partner countries increased by 5.5 percent, accounting for 47.4 percent of total trade. Meanwhile, trade with the EU, the U.S., South Korea and Japan accounted for 33.4 percent of total trade.
In March, exports decreased 3.8 percent year on year to 1.99 trillion yuan, while imports increased 2 percent to 1.57 trillion yuan.
China’s foreign trade had a strong start and good momentum in the first quarter overall, said Wang. He added that as the country’s economic fundamentals continue to improve, foreign trade will have solid support.
