Posted on 14 Apr 2022
In the first quarter of 2022, China's foreign trade value totalled Yuan 9.42 trillion ($1.48 trillion), having increased by 10.7% on year, the latest statistics released by the General Administration of Customs (GACC) on April 13 showed. Within the total, the country's export value grew by 13.4% on year to Yuan 5.23 trillion, while that of imports rose by 7.5% on year to Yuan 4.19 trillion.
In March alone, China's foreign trade value witnessed on-year growth of 5.8% to reach Yuan 3.21 trillion, according to the release. Within this, exports moved up 12.9% on year to Yuan 1.75 trillion, but imports fell 1.7% on year to Yuan 1.45 trillion.
In March in US dollar terms, China's export value jumped by 14.7% on year, while the dollar value of imports inched down just 0.1% on year. Consequently, the total value gained by 7.5% on year, according to the GACC data. The on-year dip for US dollar-priced imports last month marked the first on-year decline since August 2020, Mysteel Global noted.
"At present, some abrupt factors in the domestic and international environment are beyond expectations, and the external environment for foreign trade has become increasingly severe and complex," Li Kuiwen, spokesperson of GACC, shared at the GACC's press conference on Wednesday morning.
China's top trade partner in Q1 was the ASEAN region, with the bilateral trade value amounting to Yuan 1.35 trillion, up 8.4% on year. The European Union was the second largest at Yuan 1.31 trillion, or up 10.2% on year, while the U.S. followed the top two, with its trade value growing by 9.9% on year to Yuan 1.18 trillion, the GACC data showed.
Over January-March, a total of 432,000 Chinese enterprises were involved in imports and exports, or up 5.7% on year. Among this, privately-owned firms contributed Yuan 4.52 trillion, or up 14.1% on year or accounting for 48% of the total value, according to the latest release.
Among China's core industries and products for exports, the total value of machinery, electrical and electronics products reached Yuan 3.05 trillion in Q1, up 9.8% on year or contributing to 58.4% of the total, the GACC data showed.
Source:Mysteel Global
