The import and export data of the first quarter released by the General Administration of Customs recently showed that the total import and export value of China’s goods trade in the first quarter was 6.75 trillion yuan, an increase of 9.4% over the same period last year. Among them, exports were 3.54 trillion yuan, an increase of 7.4%; Imports were 3.21 trillion yuan, up by 11.7%; The trade surplus was 326.18 billion yuan, narrowing by 21.8%.
According to customs statistics, in the first quarter, China’s general trade import and export was 3.93 trillion yuan, up 13.2%, accounting for 58.3% of China’s total import and export value, up 2 percentage points over the same period last year. The structure of trade mode was further optimized. In addition, the import and export to the top three trading partners maintained growth, and the import and export growth with some countries along the "Belt and Road" was good. In the first quarter, China’s imports and exports to the EU, the United States and ASEAN increased by 8.2%, 6.3% and 13.7% respectively, accounting for 41.2% of China’s total imports and exports.
From the perspective of trade subjects, the proportion of import and export of private enterprises continues to increase. In the first quarter, China’s private enterprises imported and exported 2.59 trillion yuan, up 14.5%, accounting for 38.3% of China’s total import and export value, up 1.7 percentage points over the same period last year. In terms of regions, the import growth rate of the central and western regions is higher than that of the whole country, and the coordination of regional development is enhanced.
From the perspective of products, mechanical and electrical products and traditional labor-intensive products are still the main export forces. In the first quarter, China’s mechanical and electrical products exported 2.1 trillion yuan, up 9.5%, accounting for 59.4% of China’s total export value.
On the import side, the import of iron ore decreased slightly, the import of crude oil, soybeans and other commodities increased, and the average import price rose and fell.
Since the beginning of this year, the world economy has continued to recover, and the domestic economy has been stable and improving, which has promoted the rapid growth of China’s foreign trade import and export in the first quarter. Huang Songping, spokesman of the General Administration of Customs, pointed out that there are mainly the following reasons: First, the world economy has recovered moderately; Second, the domestic economy is stable and improving; Third, the "Belt and Road Initiative" has been steadily advanced, and emerging markets have been vigorously explored.
It is noteworthy that in March, in terms of RMB, China’s import and export decreased by 2.5%, export decreased by 9.8% year-on-year, and China’s trade deficit was 29.78 billion yuan. Customs statistics show that after seasonal adjustment, the total value of imports and exports increased by 6.5% in March this year, of which exports increased by 4.7% and imports increased by 8.3%.
"In March, the growth rate of exports declined and there was a trade deficit, mainly due to seasonal fluctuations." Liu Xuezhi, a senior researcher at the Financial Research Center of Bank of Communications, said that the export growth rate fluctuated greatly in the first quarter of each year. The decline in export growth in March this year does not mean that exports are weakening. It is normal to have a temporary trade deficit, and it is expected to return to a surplus state after April. The trade friction between China and the United States has limited impact on the current import and export trade. In the first quarter, China’s exports to the United States increased by 14.8%, imports increased by 8.9%, and the trade surplus was $58.25 billion.
Looking forward to the trend of China’s foreign trade in the second quarter, Liu Xuezhi predicted that exports will maintain the growth momentum in the second quarter. At present, domestic demand is basically stable, and the balanced development policy of foreign trade encourages the import of advanced technology and equipment and consumer goods for daily use. It is expected that imports will maintain rapid growth in the future. The growth rate of imports may be higher than that of exports this year, and the scale of surplus may be narrowed during the year.
Huang Songping believes that, on the whole, in the second quarter of this year, the pressures and challenges faced by the global economy and international trade trends have increased. However, economic globalization is an irreversible trend of the times, and China will take a number of major measures to open wider to the outside world. Based on comprehensive judgment, it is expected that China’s foreign trade import and export will continue to grow.
Reporter Sun Shaohua