China's foreign trade up 3.7 pct in Q1

World
Europe

01:04

China's foreign trade registered stable growth in the first quarter thanks to the robust performance in March, customs data showed Friday.

The foreign trade of goods climbed 3.7 percent year-on-year in the first quarter to 7.01 trillion yuan (1.04 trillion U.S. dollars).

Exports increased by 6.7 percent year-on-year to 3.77 trillion yuan in the first three months, while imports went up by 0.3 percent to 3.24 trillion yuan, the General Administration of Customs (GAC) said.

The stable growth was partly driven by the rapid increase in trade volume in March, which jumped by 9.6 percent year-on-year to 2.46 trillion yuan, said Li Kuiwen, spokesperson for the GAC. Exports surged by 21.3 percent in yuan terms last month, while imports dipped by 1.8 percent, GAC data showed.

Meanwhile, trade volume between China and the U.S. totaled 816 billion yuan in the first quarter, down 11 percent year-on-year. But trade volume in March alone edged up 0.1 percent.

In Q1, China's trade with the European Union, ASEAN countries and Japan increased 11.5 percent, 8.1 percent and 3.2 percent respectively, while trade with countries along the Belt and Road registered faster-than-average growth, with the combined trade volume standing at two trillion yuan, up 7.8 percent year-on-year.

"The potential for trade cooperation between China and other Belt and Road countries has been unleashing, which is becoming a new driver for China's trade growth," Li said.

Source(s): Xinhua News Agency