BEIJING: China’s exports surged 14.8 percent in U.S. dollar terms from a year ago in March, greatly exceeding market expectations and pointing to a positive growth momentum for the country’s trade sector. The export figures released by Chinese customs on Thursday surprised economists who anticipated a 7 percent decline in a Reuters poll, even though imports dipped 1.4 percent year on year.
China’s overall foreign trade rose 4.8 percent year on year to 9.89 trillion yuan ($1.44 trillion) in the first quarter, with trade growth improving since February, customs data showed.
The current weakening external demand brought about by high global inflation and sluggish growth of major economies has had a direct impact on China’s foreign trade, said Lyu Daliang, spokesperson of the General Administration of Customs.
However, with the country’s improving economic growth, the positive momentum of foreign trade is expected to continue, he added.
Foreign trade volume bounced back to growth in February after a fall in January and further accelerated to a growth of 15.5 percent in yuan terms in March.
The Association of Southeast Asian Nations (ASEAN) continues to serve as China’s largest trading partner in the first quarter with imports and exports rising 16.1 percent year on year to 1.56 trillion yuan. ASEAN is an important partner for China in the Regional Comprehensive Economic Partnership (RCEP) and by reaping the benefits of the free trade agreement, China’s trade with ASEAN has continued to grow, said Lyu.
Trade between China and the other 14 RCEP members expanded 7.3 percent in the first three months, making up 31.2 percent of China’s total foreign trade volume.
During the period, trade between China and countries along the Belt and Road Initiative reached 3.43 trillion yuan, a year-on-year increase of 16.8 percent.
–The Daily Mail-CGTN news exchange item
