China's Q1 Foreign Trade Surges 5%, Sets New Record Highs

China’s Q1 Foreign Trade Surges 5%, Sets New Record Highs

Beijing, China — China’s foreign trade in goods surged by 5% year on year in the first quarter of 2024, reaching a record-breaking total of 10.17 trillion yuan (approximately $1.43 trillion), according to the latest data released by the General Administration of Customs (GAC) on Friday. This robust performance highlights the resilience and steady growth of the Chinese mainland’s economy amid global uncertainties.

From January to March, exports climbed 4.9% compared to the same period last year, totaling 5.74 trillion yuan. Imports also saw a significant increase, rising 5% year on year to 4.43 trillion yuan. The combined growth in both exports and imports underscores the sustained demand for Chinese goods worldwide and the mainland’s continued appetite for foreign products and raw materials.

The first quarter results set new records not only in scale but also in growth rate, indicating a strong start for the year and reinforcing China’s position as a key driver of global trade. Analysts attribute this growth to several factors, including effective pandemic control measures, government policies supporting trade, and the steady recovery of global markets.

“The 5% growth in foreign trade reflects the resilience of China’s supply chains and its pivotal role in international commerce,” said Li Wei, a senior economist at the China Center for International Economic Exchanges. “This momentum is likely to continue, provided that global demand remains stable and trade relations remain constructive.”

The positive trade figures come at a time when many economies are grappling with challenges such as inflation, supply chain disruptions, and geopolitical tensions. China’s strong trade performance may offer a beacon of stability in the region, benefiting businesses, investors, and trading partners across Asia and beyond.

Looking ahead, experts suggest that continued innovation, diversification of markets, and further integration into the global economy will be key for sustaining this growth trajectory. The Chinese mainland’s commitment to opening up and facilitating trade is expected to create new opportunities for both domestic and international stakeholders.

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