INSIGHTS

• China's foreign trade increased by 4.8 per cent YoY to 9.89 trillion yuan in Q1 2023.

• Exports rose by 8.4 per cent, and imports increased by 0.2 per cent.

• ASEAN was China's largest trading partner, with trade up 16.1 per cent YoY, while trade with the European Union, US, Japan, and South Korea accounted for 35.6 per cent of its foreign trade.

China's foreign trade surged 4.8 per cent year-on-year (YoY) to 9.89 trillion yuan (around $1.44 trillion) in the first quarter (Q1) of 2023, as per the General Administration of Customs (GAC). The country's exports rose by 8.4 per cent YoY to 5.65 trillion yuan, while imports rose 0.2 per cent to 4.24 trillion yuan.

China’s biggest trading partner, the Association of Southeast Asian Nations (ASEAN), saw its trade with China rise 16.1 per cent YoY to 1.56 trillion yuan, accounting for 15.8 per cent of China's total foreign trade value. China's imports and exports to the European Union, US, Japan, and South Korea, which accounted for 35.6 per cent of its foreign trade, reached 1.34 trillion yuan, 1.11 trillion yuan, 546.41 billion yuan, and 528.46 billion yuan, respectively, during the same period, local media reports said quoting the GAC.

China's imports and exports with economies involved in the Belt and Road Initiative surged by 16.8 per cent YoY to account for 34.6 per cent of its foreign trade between January and March. Meanwhile, trade with other participating countries of the Regional Comprehensive Economic Partnership grew by 7.3 per cent compared to Q1 2022.

Fibre2Fashion News Desk (NB)