2024-04-12 12:09:56
By: | Keywords: China-economy-trade
english.china.org.cn | Updated on 04-12-2024
Xinhua News Agency | 12. 04. 2024
The total yuan volume of China’s merchandise imports and exports increased 5 percent year-on-year in the first quarter of 2024, setting new records in terms of scale and growth rate, official data showed Friday. .
From January to March, the country’s foreign trade in goods amounted to 10.17 trillion yuan (about 1.43 trillion U.S. dollars), according to the General Administration of Customs (GAC).
Exports in the world’s second-largest economy rose 4.9 percent year-on-year to 5.74 trillion yuan, and imports rose 5 percent to 4.43 trillion yuan, the data showed.
Historically, the scale of the country’s foreign trade exceeded 10 trillion yuan for the first time during this period, while the growth rate reached the highest level in six quarters, noted Wang Lingjun, deputy director of the AGD, during a press conference.
In the first quarter, China’s trade with countries participating in the Belt and Road Initiative (BRI) and other BRICS countries showed a growth rate higher than the general growth.
Trade with countries participating in the BRI reached 4.82 trillion yuan, up 5.5 percent and accounting for 47.4 percent of China’s total trade volume, the data showed. Trade with the European Union, the United States, the Republic of Korea and Japan accounted for a combined 33.4% of the total.
Trade with Latin America and the five Central Asian countries experienced double-digit growth. During the same period, trade with traditional markets such as the United States and Japan saw a positive recovery, with the decline in imports and exports in the first quarter decreasing by 5.9 percentage points respectively, and by 1.2 percentage points compared to 2023.
Faced with profound changes in the international environment and numerous serious challenges facing global economic development, China’s foreign trade sector faces greater and greater challenges, Wang said.
“However, despite these external pressures, the fundamental strength of China’s economy remains on an upward trajectory, with a solid foundation for sustained improvement in its foreign trade,” he noted.
China’s imports and exports are expected to continue to show an upward trend in the second quarter of 2024, Wang added.
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