China's total goods imports and exports in yuan-denominated terms expanded 1.3 percent year on year in the first quarter of this year, reaching a record high of 10.3 trillion yuan (1.41 trillion U.S. dollars), official data showed on Monday.
"According to customs data, China's total goods imports and exports in yuan-denominated terms reached 10.3 trillion yuan (1.41 trillion U.S. dollars), a 1.3 percent increase year on year. Exports during the period rose 6.9 percent to 6.13 trillion yuan, while imports fell 6 percent to 4.17 trillion yuan, " said Wang Lingjun, deputy head of the General Administration of Customs (GAC), at a press conference on Monday.
Wang noted that there are four characteristics regarding China's foreign trade performance in the first quarter.
First, trade growth improved steadily throughout the quarter.
"In the first quarter, China's total import and export volume reached a record high for the same period, surpassing 10 trillion yuan for eight consecutive quarters. In January, imports and exports dropped by 2.2 percent. The decline eased in February, with trade remaining largely flat. In March, trade rebounded sharply, recording a 6 percent increase year on year," he said.
Second, private enterprises played an increasingly significant role in China's foreign trade. In the first quarter, private companies registered 5.85 trillion yuan in total trade, a 5.8 percent increase from the previous year. Their share of total trade rose to 56.8 percent, up 2.4 percentage points year on year. Meanwhile, foreign-invested enterprises contributed 2.99 trillion yuan, registering a 0.4 percent increase, accounting for 29 percent of the total.
Third, trade with countries participating in the Belt and Road Initiative outperformed the average. China's trade with these countries reached 5.26 trillion yuan in the first quarter, up 2.2 percent year on year and 0.9 percentage points higher than the overall growth rate, accounting for 51.1 percent of the total import and export value. Trade with the members of the Association of Southeast Asian Nations (ASEAN) stood out in particular, growing 7.1 percent to 1.71 trillion yuan.
Fourth, electromechanical products remained a strong driver of trade growth in the first quarter. Imports and exports in this category totaled 5.29 trillion yuan, up 7.7 percent year on year. Key export items included home appliances, laptop computers, and electronic components. On the import side, rapid growth was seen in parts for automatic data processing equipment, as well as ships and marine engineering equipment.
Overall, in the face of growing external challenges, Chinese authorities, businesses, and trade operators have adopted proactive measures to stabilize foreign trade, ensuring a solid and confident start in 2025, said Wang.
China's goods imports and exports up 1.3 pct y-o-y in Q1
