China's foreign trade demonstrated resilience in the first quarter of 2024, with yuan-denominated merchandise trade rising 1.3% year-on-year to reach 10.3 trillion yuan ($1.41 trillion), according to new data from the General Administration of Customs (GAC).
Export Strength Defies Expectations
Exports surged 6.9% to 6.13 trillion yuan, buoyed by stable ASEAN partnerships. A GAC official affirmed at Monday's press briefing: "Despite growing external headwinds, the sky won't fall for China's exports," signaling confidence in continued regional trade stability.
ASEAN Maintains Lead as Key Partner
The Association of Southeast Asian Nations solidified its position as China's largest trading bloc, with bilateral trade growing 7.1% to 1.71 trillion yuan – representing 16.6% of China's total foreign trade. Vietnam emerged as the dominant partner within ASEAN, reflecting deepening supply chain integration.
