China Foreign Trade grows 4.8% Y-O-Y to RMB 9.89 trn in Q1

General Administration of Customs data release.

According to General Administration of Customs data, China’s foreign trade grew by 4.8 percent on a yearly basis to 9.89 trillion yuan (USD 1.44 trillion) in the first quarter of 2023.

The data shows the country’s exports rose 8.4 percent year-on-year to RMB 5.65 trillion yuan, while imports rose by a modest 0.2 percent to RMB 4.24 trillion.

Trade with ASEAN, its largest trading partner, was a major driver reaching RMB 1.56 trillion in the first quarter, up 16.1 percent, accounting for 15.8 percent of China’s total foreign trade.

Imports and exports to the European Union, the United States, Japan and the Republic of Korea reached RMB 1.34 trillion, RMB 1.11 trillion, RMB 546.41 billion and 528.46 billion, respectively, over the same period, accounting for 35.6 percent of the country’s foreign trade.

From January to March, China’s imports and exports with economies participating in the Belt and Road Initiative surged 16.8 percent year-on-year accounting for 34.6 percent of its foreign trade, while trade with other participating countries of the Regional Comprehensive Economic Partnership rose 7.3 percent from the first quarter of 2022.

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Author: Ryan Perkins

Ryan Perkins is a Geopolitical Analyst whose work has been published around the world and used by global companies and think tanks.