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China's foreign trade turnover grew by 29.2% in the first quarter of 2021

Asia / Business and Finance

The PRC Customs Department noted that the main driver of such an incredible growth was the private enterprises of China, which increased foreign trade turnover by one and a half times.

China's foreign trade turnover grew by 29.2% in the first quarter of 2021

In the first quarter of this year, China's total merchandise imports and exports increased 29.2% year-on-year to 8.47 trillion yuan (about $ 1.29 trillion), official data showed Tuesday.

According to the General Administration of Customs of the People's Republic of China, exports in yuan terms increased by 38.7%, while imports - by 19.3%.

Chinese customs official Li Kuiwen attributed the country's growth in foreign trade to continued progress in the prevention and control of the country's epidemic, as well as socio-economic development.

The data shows that the foreign trade surplus increased by 690.6% to 759.29 billion yuan.

The vitality of private enterprises has increased, they have become the main driving force behind the growth of China's foreign trade. In the first quarter, their foreign trade turnover rose 42.7% to 3.95 trillion yuan.

During the same period, ASEAN remained China's largest trading partner. It was followed by the European Union and the United States, according to customs data.

In the first quarter of this year, China's trade with countries along the Belt and Road rose 21.4% year on year to 2.5 trillion yuan. China's imports and exports with Vietnam, Indonesia and Poland achieved relatively rapid growth.

In the first quarter, China's trade with the other 14 member countries of the Regional Comprehensive Economic Partnership (RCEP) amounted to 2.67 trillion yuan, up 22.9% year-on-year to 31.5% of total imports and China's exports during this period.

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