China’s foreign trade expands at fastest pace in six quarters to hit 10 trillion in Q1, reflecting robust momentum
China’s total imports and exports expanded at the fastest pace in six quarters to hit a record of more than 10 trillion yuan ($1.38 trillion) in the first quarter of 2024, according to official data on Friday, adding to a growing number of data signaling strong recovery momentum across the world’s second-largest economy.
In the first three months, in yuan terms, total imports and exports grew by 5 percent year-on-year to reach 10.17 trillion yuan, exceeding 10 trillion yuan for the first time during the same period, according to the General Administration of Customs (GAC).
China’s exports increased by 4.9 percent year-on-year to 5.74 trillion yuan, while imports grew by 5 percent year-on-year to 4.43 trillion yuan, the GAC said.
“China’s foreign trade had a strong start and good momentum in the first quarter, laying a solid foundation for achieving the goal of improvement in quality and stability in quantity,” Wang Lingjun, deputy head of the GAC, said on Friday, noting that China’s trade is expected to further improve in the second quarter and continue to grow in the first half of the year.
China’s trade with ASEAN expanded by 6.4 percent year-on-year in the first quarter of 2024 in yuan terms, but trade with the EU dropped by 3.5 percent and trade with the US fell 0.7 percent. Notably, exports to the US grew 2.1 percent year-on-year, while imports from the US fell 7.7 percent, according to official data.
In terms of products, exports of mechanical and electrical products increased of 6.8 percent year-on-year to hit 3.39 trillion yuan, accounting for 59.2 percent of the total export value. Exports of cars and ships jumped by 21.7 percent and 113.1 percent, according to the GAC.
“These latest data demonstrated that China’s manufacturing industry and consumer economy are recovering,” Hu Qimu, a deputy secretary-general of the digital-real economies integration Forum 50, told the Global Times on Friday, noting other strong economic indicators such as manufacturing purchasing managers’ index.
Hu said that while foreign trade faces challenges stemming from slowing external demand and so-called de-risking and decoupling moves promoted by some Western countries, the critical status of Chinese manufacturing and China’s supply chain in the global industrial chain has not changed.
“The world still relies on China’s high-quality and cost-effective products and supply chain,” Hu said. (PR)
