Current location:International Iterations news portal > style
China's Q1 foreign trade surge signals economic upturn
International Iterations news portal2024-04-30 01:35:23【style】3People have gathered around
IntroductionAn aerial drone photo taken on Feb. 2, 2024 shows an international container terminal of Tianjin Por
An aerial drone photo taken on Feb. 2, 2024 shows an international container terminal of Tianjin Port in north China's Tianjin. [Photo/Xinhua]
China's total import and export of goods expanded 5 percent year on year in yuan terms in the first quarter (Q1) of 2024, setting new records in both scale and growth rate, official data showed Friday.
From January to March, the country's foreign trade in goods stood at 10.17 trillion yuan (about 1.43 trillion U.S. dollars), according to the General Administration of Customs (GAC).
Exports from the world's second-biggest economy were 4.9 percent higher year on year to reach 5.74 trillion yuan, while imports rose 5 percent to 4.43 trillion yuan, the data showed.
Trade boom
Historically, for the first time, the country's foreign trade scale has exceeded 10 trillion yuan during the same period, while the growth rate has hit a six-quarter high, GAC deputy head Wang Lingjun told a press conference.
In the first quarter, China's trade with countries participating in the Belt and Road Initiative (BRI) and other BRICS nations has shown a growth rate that surpasses the overall growth rate.
Trade with BRI partner countries reached 4.82 trillion yuan, marking a 5.5 percent increase and accounting for 47.4 percent of China's total trade volume, the data showed. Trade with the European Union, the United States, the Republic of Korea, and Japan accounted for a combined share of 33.4 percent of the total.
Trade with Latin America and the five Central Asian countries has achieved double-digit growth. In the same period, the trade with traditional markets such as the United States and Japan has shown a positive recovery, with the decline in the first quarter imports and exports narrowing by 5.9 percentage points and 1.2 percentage points, respectively, compared to 2023.
Structurally, China's export portfolio has demonstrated strength in the machinery and electronics sector, as well as labor-intensive products, signaling the continued international competitiveness of these goods. Imports of bulk commodities and consumer goods have expanded steadily, indicating a healthy and growing domestic demand.
Wang said that Chinese products had garnered widespread acclaim globally, a testament to the country's focus on innovation and quality.
"The global popularity of Chinese engineering machinery is a direct result of their reliability, durability, and superior performance, along with comprehensive after-sales support," he said. "These machines are in high demand worldwide and are a common sight on major construction projects overseas."
Wang also underscored that China has consistently maintained its position as the world's second-largest import market for 15 consecutive years, with a cumulative import volume nearing 200 trillion yuan.
"In the first quarter of this year, we have seen a 'volume and price increase' in our imports, with import volume reaching a new high. This demonstrates that China's vast market presents significant opportunities for the world," Wang noted.
Growth to stay
Amid profound shifts in the international environment and numerous severe challenges facing global economic development, China's foreign trade sector is confronted with heightened tests, Wang said.
"However, amid these external pressures, the fundamental strength of China's economy remains on an upward trajectory, with a solid foundation underpinning the sustained improvement in its foreign trade," he noted.
It is expected that China's imports and exports will continue to show an upward trend in the second quarter of 2024, and the first half of the year is anticipated to register a growth trajectory, said Wang.
China has targeted its economic growth at around 5 percent for 2024, a goal that officials and experts believe is well within reach considering the country's sound economic fundamentals and supportive macroeconomic policy mix.
The latest trade figures have joined a series of positive economic data points emerging since March. The purchasing managers' index (PMI), a critical gauge of manufacturing and services sector health, has also reported improvements in March, with PMI for the manufacturing sector bouncing back to the expansion zone.
Looking ahead, Wang outlined customs initiatives, which include enhancing trade facilitation, improving port business environments, assisting enterprises with cost reduction and fee relief, and nurturing new drivers for foreign trade.
"We will introduce additional effective policy measures in a timely manner to fully support the qualitative and quantitative stability of China's foreign trade," he said.
Address of this article:http://www.videocameralive.com/article-64d399877.html
Very good!(7)
Related articles
- This Week: Consumer confidence, Fed policy statement, April jobs report
- Xi Sends Congratulatory Message to China
- Xi Visits Flood
- Shanghai serves up a treat
- China's road, water passenger trips plunge in Jan.
- Team China runs cold in World Cup warm
- Memorable show lowers curtain on Asian Games
- Nation's big progress in IP to help advance tech ties
- British gymnast Ondine Achampong suffers ACL tear ahead of Paris Olympics
- Xi Visits Flood
Popular articles
Recommended
Teen accidentally kills his younger brother with a gun found in an alley
Invincible Qin keeps the medals flowing
Zhang still going the extra smile
Referee reflective during third stint at FISU event
Southgate names England squad for friendlies
Referee reflective during third stint at FISU event
Memorable show lowers curtain on Asian Games
Southgate slams hapless Maguire's treatment as 'joke'
Links
- China holds conference on internet civilization
- Harbin creates ice sculptures of Terracotta Warriors to cater for tourists
- More Chinese students experience unwarranted interrogation, harassment, deportation at U.S. border
- China's central bank to cut RRR by 0.5 percentage points
- 'To Me, You Are America': Xi Jinping's Interactions with American People
- Xiplomacy: Cooperation a Shared Aspiration of Chinese, American People
- Huge ancient stone murals discovered in central China
- North China's largest freshwater lake reflects conservation benefits
- Martial arts enthusiasts found training class for local children
- More Chinese students experience unwarranted interrogation, harassment, deportation at U.S. border