China's Q1 foreign trade up 15%, fastest in 5 years

China's foreign trade got off to a strong start this year, with total imports and exports reaching 11.84 trillion yuan ($1.63 trillion) in the first quarter, up 15% year on year, according to officials on Tuesday.

The figure marks the first time that first-quarter trade has exceeded 11 trillion yuan, while the quarterly growth rate is also the fastest in nearly five years, signaling solid momentum in external trade, said Wang Jun, deputy head of China's General Administration of Customs.

Breaking down the data, exports totaled 6.85 trillion yuan, up 11.9%, while imports rose 19.6% to 4.99 trillion yuan.

Private enterprises continued to play a leading role in foreign trade. In the first quarter, private firms recorded 6.78 trillion yuan in imports and exports, representing a 16.2% year-on-year increase. Their share of China's total foreign trade rose further to 57.3%, underscoring their growing importance in driving trade growth.

Meanwhile, foreign-invested enterprises posted 3.47 trillion yuan in imports and exports, an increase of 16.1% from a year earlier, recording growth for eight consecutive quarters.

China's trade diversification also continued to strengthen. In the first quarter, trade between China and Belt and Road partner countries was up 14.2% year on year, accounting for 51.2% of China's total imports and exports. Trade with ASEAN and Latin America both grew by 15.4%.

The first-quarter data point to a strong start for China's foreign trade this year, underpinned by continued market diversification, said Wang, adding that China will further advance opening-up.

Wang added that China is not only willing to serve as the "world's factory," but also as the "world's market."