China’s foreign trade sector demonstrated remarkable resilience in the first four months of 2023, with total goods trade rising by 5.7% year-on-year to reach 13.81 trillion yuan (approximately $2.16 trillion), according to data released by the General Administration of Customs (GAC) on Thursday.
Exports increased by 4.9% to 7.81 trillion yuan, while imports grew by a robust 6.8% to 6 trillion yuan, highlighting a balanced expansion in both outbound and inbound trade. This growth reflects an accelerated transformation in China’s foreign trade development, with significant structural optimization.
“The total volume of foreign trade has maintained rapid growth, with evident structural optimization,” said Xu Hongcai, deputy director of the Economic Policy Commission at the China Association of Policy Science, in an interview with CMG on Thursday.
The data showed a noteworthy increase in general trade imports and exports, which reached 8.98 trillion yuan, up 5.3%, accounting for 65.1% of the total foreign trade. Additionally, processing trade imports and exports growth turned from negative to positive, indicating a shift towards higher value-added activities in the trade sector.
The regional trade structure also saw positive shifts, with exports to ASEAN countries and Belt and Road Initiative (BRI) partner countries experiencing rapid expansion. The trade surplus with ASEAN countries surged by 456.01 billion yuan, marking an impressive rise of 18.1% over the same period last year.
High-value electromechanical products continued to drive export growth, constituting nearly 60% of the total exports. Among these, exports of automatic data processing equipment and components, integrated circuits, and automobiles witnessed substantial growth, underscoring China’s strengths in technology and manufacturing.
The robust performance of China’s foreign trade in the early months of 2023 signals strong momentum in the country’s economic recovery and its ongoing integration into the global economy. Analysts believe that this trend is likely to continue as China deepens its trade relationships and pursues high-quality development.
Reference(s):
cgtn.com
