Trade Surplus

Customs data showed that China’s imports grew faster than exports in the first quarter, resulting in a 35.7-percent shrinking of its trade surplus.

Exports in yuan-denominated terms rose 14.8 percent year on year in the first quarter, while imports increased 31.1 percent.

Foreign trade volume reached 6.2 trillion yuan ($902.47 billion) in the first quarter, up 21.8 percent year on year, with a surplus of 454.94 billion yuan ($66.1 billion).

Customs data reflected an improved structure of trade modes. In the first quarter, the volume of general trade grew 23.2 percent to 3.49 trillion yuan ($506.9 billion), taking up 56.2 percent of the total volume of foreign trade, 0.6 percentage point higher than in the same period last year.

Trade with some countries along the routes of the Silk Road Economic Belt and 21st-Century Maritime Silk Road has registered marked growth. In the first quarter, China’s trade with Russia, Pakistan, Poland, Kazakhstan and India rose by 37 percent, 18.7 percent, 19 percent, 69.3 percent and 27.7 percent, respectively.

During the first three months, trade with the European Union gained 16.9 percent year on year. Trade with the United States and the Association of Southeast Asian Nations increased 21.3 percent and 25 percent, respectively, together accounting for 41.4 percent of foreign trade.

Private enterprises took a larger share of foreign trade. Trade of private enterprises grew 22.5 percent to 2.28 trillion yuan ($331.1 billion), accounting for 36.8 percent of the total foreign trade volume, 0.2 percentage point higher than the same period last year.

In a breakdown of products, electro-mechanical products and traditional labor-intensive products remained the major export goods.

Meanwhile, imports of primary commodities such as iron ore and crude oil continued to grow in both volume and price.