Current location:sport >>
China's Q1 foreign trade surge signals economic upturn
sport179People 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.
Tags:
Reprint:Friends are welcome to share on the Internet, but please indicate the source of the article when reprinting it.“Stellar Site news portal”。http://newzealand.bankruptcyintn.com/article-08a799899.html
Related articles
Rylan Clark gets playful as he details intimate hotel moment with Rob Rinder during cosy interview
sportRylan Clark confessed he shared an intimate moment with TV star Rob Rinder when he said he 'woke up ...
【sport】
Read moreMexican police investigate a man as a possible serial killer
sportMEXICO CITY (AP) — Mexico City police said late Friday they are investigating a murder suspect as a ...
【sport】
Read moreJustin Turner's homer, RBI single highlight Blue Jays' 5
sportSAN DIEGO (AP) — Justin Turner hit a solo homer and drove in another run with a single as the Toront ...
【sport】
Read more
Popular articles
- JFK airport project misrepresented as not allowing bids from white, male
- AP Photos: The skies fill with color at a Chinese kite festival
- Biden to announce U.S. military to build temporary port in Gaza for humanitarian aid
- Councilwoman chosen as new Fort Wayne mayor, its 1st Black leader, in caucus to replace late mayor
- Texas governor pardons ex
- Arsenal back on top of English Premier League after win over Wolves
Latest articles
China's tech firm Huawei hosts roundtable on cybersecurity in Dubai
Roman Gabriel, former NC State and pro quarterback who was the AP NFL MVP in 1969, dies at 83
Longtime AP journalist, newspaper publisher John Brewer dies at age 76
Kitty set out to have casual sex for a year to see if women really can have no
Brazil picked by FIFA to get soccer's 2027 Women's World Cup, a first for South America
Conjoined twin's husband learns paternity test results after ex
LINKS
- Foundation stone laid for Sino
- Xinhua Headlines
- Xi, Kim Jointly Designate 2024 as China
- Trade fair strengthens win
- To invest in China is to win the future: spokesperson
- Nation hailed for brokering Saudi
- Quakes leave 1.5 mln people homeless in Türkiye: UN
- China calls for intensified diplomatic efforts to end Ukraine crisis
- Senior Chinese diplomat meets delegation of Brazilian Workers' Party
- Eurozone inflation slows to 8.5 pct in January: Eurostat