Total value of China's exports and imports RMB 7.01 trillion in 2019Q1, up 3.7% yoy
The General Administration of Customs of China announced that the total value of foreign trade imports and exports in the first quarter of this year was RMB 7.01 trillion, up by 3.7% year-on-year, of which exports value was RMB 3.77 trillion, up by 6.7% year-on-year, and imports was RMB 3.24 trillion, up by 0.3% year-on-year, and the trade surplus was RMB 529.67 billion, representing an increase of 75.2%. In March, foreign trade imports and exports value reached RMB 2.46 trillion, up by 9.6% year-on-year, of which exports was RMB 1.34 trillion, up by 21.3% year-on-year, and imports was RMB 1.12 trillion, down by 1.8%.
According to the authorities, China’s imports and exports to major trading partners such as the EU, ASEAN and Japan recorded growth in the first quarter of this year. The total trade value to the EU was RMB 1.11 trillion, up by 11.5% year-on-year, accounting for 15.8% of the total foreign trade. The total trade value to ASEAN was RMB 934.55 billion, up by 8.1% year-on-year, accounting for 13.3%. The total trade value between China and Japan was RMB 505.55 billion, up by 3.2% year-on-year, accounting for 7.2%.
In the first quarter, the total value of China-US trade fell by 11% year-on-year to RMB 815.86 billion, accounting for 11.6% of the total foreign trade. Among them, exports were RMB 622.43 billion, down by 3.7% year-on-year, and imports was RMB 193.43 billion, down by 28.3% year-on-year. In March, the total trade volume between China and the United States was RMB 291.35 billion, up by 0.1% year-on-year, of which exports was RMB 214.99 billion, up by 10.6% year-on-year, and imports were RMB 76.36 billion, down by 21% year-on-year.
The authorities continued to point out that the domestic economy continued its overall stable and progressive development trend, and the economic operation remained within a reasonable range. Domestic demand, market expectations and other indicators were improving. Among them, the Purchasing Managers Index (PMI) of China rebounded in March, which shows the manufacturing industry is picking up. At the same time, the import and export prices has increased moderately, which has also boosted foreign trade growth. According to preliminary estimates, China's import and export prices rose by 3.5% and 4.4% respectively in the first quarter, showing a moderate upward trend. The pricing is one of the main driving factors for the growth of import and export in the first quarter. Among them, the contribution of export price to export growth reached 66.3%. On the import side, some import prices of bulk commodities increased rapidly, such as natural gas, iron ore, soybean, etc. Import prices rose by 28.2%, 12.8% and 8.8% respectively.