China's foreign trade sector shows resilience as national authorities issued 1.78 million commercial certificates in Q1 2024, a 14.91% year-on-year increase. The data signals robust activity among export-oriented businesses navigating global economic headwinds.
RCEP Fuels Market Diversification
Notably, 69,160 certificates of origin under the Regional Comprehensive Economic Partnership (RCEP) were issued—a 27.03% surge from 2023. This growth underscores China's accelerating economic integration with Asia-Pacific partners through the landmark trade pact.
Preferential Agreements Drive Expansion
Free trade deals played a pivotal role, with preferential certificates of origin jumping 42.67% to 621,700. “Chinese enterprises are actively leveraging FTAs to explore new markets and strengthen regional cooperation,” said Zhao Ping, spokesperson for the China Council for the Promotion of International Trade.
The figures arrive as Chinese exporters face mounting pressure from slowing global demand and geopolitical tensions. Analysts suggest the RCEP's tariff reductions and streamlined customs procedures are becoming critical tools for maintaining trade competitiveness.
