China's foreign trade hits record high in Q1

Release time：2024-05-21 07:14:43 Source：Global Grooves news portal

(ECNS) -- China's total goods imports and exports exceeded 10 trillion yuan ($1.4 billion) in Q1 for the first time, setting a record high, the General Administration of Customs told a press conference in Beijing on Friday.

The total goods imports and exports expended 5 percent year on year to 10.17 trillion yuan in Q1. Exports reached 5.74 trillion yuan, up 4.9 percent, while imports grew 5 percent to 4.43 trillion yuan, setting a new high in the last six quarters, the data showed.

The number of foreign trade enterprises increased 8.8 percent year on year including an increase of 10.4 percent and 1 percent for private and foreign-invested enterprises respectively. The value of imports and exports for state-owned enterprises reached a historical high in the first quarter.

In terms of exports, in the first quarter, the export of mechanical and electrical products and labor-intensive products sustained a growth trend. The export of mechanical and electrical products maintained a growth of 6.8 percent year-on-year to 3.39 trillion yuan, an increase of 6.8, accounting for 59.2 percent of the total export value.

Trade in goods between China and the countries along the Belt and Road jumped 5.5 percent year on year to 4.82 trillion yuan, accounting for 47.4 percent of the China's total foreign trade value. The total exports to BRICS countries reached to 1.49 trillion yuan, up to 11.3 percent increase year on year. The total value of exports to EU, U.S., South Korea and Japan were 1.27 trillion yuan, 1.07 trillion yuan, 535.48 billion yuan、accounting for 33.4 of the country's total in Q1.

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