China's foreign trade maintains stable growth in Q1

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

China's foreign trade of goods climbed 3.7 percent year on year in Q1 to 7.01 trillion yuan (1.04 trillion U.S. dollars), the General Administration of Customs (GAC) said.

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 GAC said.

The stable growth was partly driven by a 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.

Exports and imports of products under the general trade category rose 6 percent year on year in Q1 to 4.17 trillion yuan, accounting for 59.6 percent of the total foreign trade, 1.3 percentage points higher than the same period last year, customs data showed.

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 2 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.

Editor: 曹家宁
Today’s Recommendations

Third-party model to open more paths on Belt and Road route

China is promoting the "third-party market cooperation" model under the Belt and Road Initiative, which will engage more developed countries in construction projects and strengthen international cooperation.【detailed】

Why Belt and Road Initiative is anything but debt trap

Taking Africa for instance, its debts owed to China only make up a small share of the total, and such language was highly likely coined by some Western countries that seek to rein in China's growing global role.【detailed】