黑龙江省来特好国际物流有限公司

The total volume of China's foreign trade in goods in yuan in the first quarter of 2024 increased by 5 percent year-on-year, with new records set for both the scale of the figure and its growth rate, official data released on Friday showed.

According to the General Administration of Customs /GCP/ of the People's Republic of China, the figure for the period from January to March in the country amounted to 10.17 trillion yuan /about $ 1.43 trillion/. US DOLLARS/.

According to the data, China's exports grew by 4.9 percent year-on-year to 5.74 trillion yuan, while imports increased by 5 percent to 4.43 trillion yuan.

The country's foreign trade turnover in the period exceeded 10 trillion yuan for the first time in history, while the growth rate reached a new high in the past 6 quarters, said Wang Lingjun, deputy head of China's State Customs Committee, at a press conference.

The growth rate of China's trade with countries participating in the joint construction of the Belt and Road and other BRICS countries in the first quarter of this year was faster than the growth rate of the index as a whole.

The data shows that China's trade with the Belt and Road partner countries increased 5.5 percent to 4.82 trillion yuan, accounting for 47.4 percent of China's total foreign trade. Meanwhile, the European Union, the United States, the Republic of Korea and Japan together accounted for 33.4 percent of the country's total foreign trade turnover.

China's trade with both Latin America and five Central Asian countries recorded double-digit growth. Over the same period, trade with traditional markets such as the US and Japan recovered positively, with import and export declines of 5.9 pp and 1.2 pp, respectively, in the first quarter compared with the same period in 2023.

China's foreign trade is expected to continue to show an improving trend in the second quarter of 2024, while it will mainly remain in the growth range in the first half of the year, Wang Lingjun summarized.