China’s Q1 exports rise 7.4 pct, imports up 11.7 pct

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Fresh data from the General Administration of Customs shows that China's exports denominated in yuan rose 7.4 percent in the first quarter from a year earlier.

Yuan-denominated imports rose 11.7 percent over the same period, resulting in a trade surplus that shrank by about 21.8 percent to 326.18 billion yuan (51.85 billion US dollars) for the first quarter, customs data showed Friday.

Electro-mechanical products and traditional labor-intensive products constituted major export goods. The import of iron ore slightly decreased, while the import of crude oil and soybean increased.

CGTN Photo‍

Meanwhile, a cooling property market may curb China's demand for imported raw materials such as iron ore.

China's trade performance has gotten off to a strong start of 2018, thanks to sustained demand at home and abroad. But the export outlook is being clouded by an escalating trade dispute with the United States.

According to the customs’ data, China's March exports unexpected fell 2.7 percent from a year earlier, the first drop since February 2017.

More than expected, China’s imports grew 14.4 percent in March which left China with a rare trade deficit of 4.98 billion US dollars for the month, also the first since last February.

VCG Photo

Data also showed that China's trade surplus with the United States rose 19.4 percent in the first quarter to 58.25 billion US dollars from the same period a year earlier.

China's exports to the US increased 14.8 percent from a year earlier in January-March period, said the spokesman of the General Administration of Customs Huang Songping at a briefing in Beijing, while imports from the US also rose 8.9 percent.

(CGTN's Zheng Yibing also contributed to the story)