Data released by China Customs show that in Q1, China exported 3.33 trillion yuan, and imported 3.24 trillion yuan, taking the gross exports and imports value to 6.57 trillion yuan, creating 98.33 billion yuan positive trade balance.
As of this March, China saw 2.45 trillion yuan imports and exports, of which 1.29 trillion yuan was contributed by exports, and 1.16 trillion yuan by imports.
This April 14th at the news conference by the State Council Information Office, Chinese Customs spokesman Li Kuiwen commented that in the 1st quarter of 2020, China had pushed forward its economy amid epidemic prevention. With Covid-19 put under control nationwide and more export-boosting measures implemented, Chinese exporters have been making great progress since resuming work. “We are confident to maintain a sound foreign trade and keep to the minimum Covid-19’s impacts on our import and export,” Li Kuiwen added further.
It’s been reported that China’s exports have been steadily recovering from the Covid-19 crisis. With recent foreign trade boosting programs proved effective, China is now able to deliver overseas orders delayed by the Covid-19 lockdown.
China’s trading with Belt and Road countries increased in Q1.
Despite the overall declined foreign trade in the Q1, business between China and countries along the Belt and Road remained growth. The total imports and exports reached 2.07 trillion yuan, with an increase of 3.2% year-on-year, 6.1% of which with ASEAN and 5.7% with Russia.
"China's foreign trade industry has strong resilience and competitiveness, supported by its enterprises with sound innovation and market development capabilities," Li said that recently, by the decision of the Party Central Committee and the State Council, different departments have adopted a series of measures to stabilize foreign trade, gradually open cross-border transportation channels and stabilize supply chains.
According to reports, in Q1, against the background of the global spread of COVID-19 and the increasing downward pressure on trade, China's foreign trade continued to improve.
General trade performed better than the whole.
In the first quarter, the general trading, with longer industry chains, higher added-values, and more reflective of independent development ability, generated 3.94 trillion yuan, accounting for 60% of China's total, up 0.4 pct over the same period last year.
Emerging industries maintain their growth.
In Q1, China’s cross border e-commerce and other foreign trades are still in full swing. According to the data of customs cross-border e-commerce platform, the import and export volume rose by 34.7%.
Import & export volume of private enterprises is on the rise.
In Q1, China’s import and export volume of private enterprises increased 1.9% compared to the previous year. In March, the total value of imports and exports of private companies increased 6.5%, becoming the main driving force for improving foreign trade.
ASEAN becomes the largest trading partner in Q1
It’s worth noting that ASEAN has outshone EU, becoming China’s largest trading partner in Q1. China’s imports and exports to ASEAN has reached 991.34 billion yuan, 6.1% more than previous year, and accounting for 15.1% of the total value of foreign trade.
As China is expanding its cooperation with Belt & Road countries, Chinese trade shows will surely be an important platform not only connecting you to China, but also Belt & Road countries and other Asian markets, especially ASEAN. If you don’t want to miss out on these excellent opportunities, please don’t hesitate to join APPI 2021!