China’s total goods imports and exports expanded 5.7 per cent year-on-year in yuan terms in the first four months of this year, stronger than the five per cent recorded in the first quarter, official data showed Thursday (May 9).

The country’s exports rose 4.9 per cent year-on-year in the January-April period, while imports climbed 6.8 per cent, according to the General Administration of Customs (GAC).

From January to April, the country’s foreign trade in goods stood at ¥13.81 trillion (US$1.95 trillion). Exports reached ¥7.81 trillion, while imports hit ¥6 trillion.

In April alone, foreign trade soared eight per cent to ¥3.64 trillion, after contracting in the previous month, signalling improvements in demand at home and overseas.

The growth rate of imports and exports in the first four months has accelerated compared to the first quarter, and the scale has reached a new high in the same period in history, said Lyu Daliang, director of the GAC’s Department of Statistics and Analysis.

In April, China’s trade with emerging markets continued to improve, while its trade with traditional markets such as Europe and America shifted from decline to increase, he said.

Rapid expansion in exports of ships, electric vehicles, construction machinery and sports equipment has facilitated the export growth in the first four months, he added.

In terms of trade types, processing trade shifted from negative to positive in the first four months, edging up 0.8 per cent year-on-year. General trade reached ¥8.98 trillion in the first four months, up 5.3 per cent year-on-year, accounting for 65.1 per cent of the total. Bonded warehouse trade went up 14.9 per cent year-on-year to ¥1.92 trillion.

In terms of trade entities, foreign trade made by Chinese private enterprises went up 10.7 per cent year-on-year in the first four months. The value accounted for 54.6 per cent of China’s total foreign trade, up 2.5 percentage points year-on-year.

In the first four months, China’s trade with countries participating in the Belt and Road Initiative surged 6.4 per cent to ¥6.54 trillion in the first four months, accounting for 47.4 per cent of China’s total trade value.

Among them, the trade value with China’s largest trading partner ASEAN was ¥2.18 trillion, up 8.5 per cent year-on-year, accounting for 15.8 per cent of Chinese total trade.

Though trade with the European Union went down 1.8 per cent, trade with the United States and South Korea climbed 1.1 per cent and 5.5 per cent, respectively, in the first four months.

Trade with Latin America climbed 11.7 per cent year-on-year in the first four months, trade with Africa went up 7.7 per cent, and trade with the five Central Asian countries soared 17.9 per cent.

Structurally, China’s export portfolio has demonstrated strength in sectors of ships, electric vehicles and construction machinery, with growth rates of 108.4 per cent, 28.3 per cent and 16.2 per cent, respectively.

More positive factors in China’s foreign trade have emerged since the beginning of the year, consolidating the positive growth momentum of the foreign trade, Lyu said.

China has targeted its economic growth at around five per cent this year, a goal that officials and experts believe is well within reach considering the country’s sound economic fundamentals and supportive macroeconomic policy mix.