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Official from the Department of Foreign Trade Comments on China’s Foreign Trade in January-March 2018

Release time:2018-05-10Hits:
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Since 2018, under the firm leadership of the Central Committee of the Communist Party and the State Council, the Ministry of Commerce worked with departments and local governments at all levels to implement the policies issued by the State Council and properly handled complex challenges like trade protectionism, thus the import and export of the first quarter realized rapid growth. 

According to the Customs statistics, in the first quarter, the volume of China’s imports and exports amounted to 6.75 trillion yuan, up 9.4% year on year (the same as below). Among these, the exports registered 3.54 trillion yuan, up 7.4% and the imports 3.21 trillion yuan, up 11.7%. The trade surplus was 326.18 billion yuan, reducing by 21.8%. When keeping the rapid growth, the trade structure was being optimized.

Official from the Department of Foreign Trade pointed out that China’s foreign trade in January-March mainly showed the following features:

In terms of the commodity structure, the export of mechanical and electrical products reached 2.10 trillion yuan, up 9.5% and accounting for 59.4%. Among these, integrated circuits, cell phones and mobile cars increased by 25.4%, 13.5% and 10.3% respectively. The import amount of 10 kinds of bulk commodities like natural gas, crude oil and soybean increased by 9.1%, among which the import of natural gas, crude oil, coal and copper concentrate increased by 37.3%, 7.0%, 16.6% and 7.4% respectively. The import of mechanical and electrical products was 1.42 trillion yuan, up 14.9%; among these, the import of metal-working machine, integrated circuit and computer increased by 51.3%, 28.7% and 17.3% respectively; the number of imported cars was 280 thousand, up 5.7%.

In terms of the main business operators, exports of private enterprises reached 1.64 trillion yuan, up 11.9%, taking up 46.4% of the total exports with 1.9 percentage point higher than that of the same period of last year and kept its position as the largest business operator.

In terms of trade mode, the amount of imports and exports reached 3.93 trillion yuan, up 13.2% year on year, taking up 58.3% of the total volume of foreign trade, 2 percentage points higher than that of the same period of last year.

In terms of international market, China’s exports with traditional markets like the US, the EU and Hong Kong increased by 6.3%, 8.2% and 7.9%respectively; at the same time, China’s import and export with emerging markets like countries along the “Belt and Road” routes kept a rapid growth. The import and export volume with countries along “Belt and Road” routes in the first quarter increased by 12.9%, 3.5 percentage points higher than the overall growth rate, among which the import and export with Russia, Indonesia and Vietnam grew by 20.5%, 20.0% and 30.7% respectively.

Since 2018, the recovery of the world economy continued and was consolidated. IMF estimated that the world economy in 2018 would increase by 3.9%, 0.2 percentage points higher than that of 2017, and hit a new record high since 2012. On April 12, the WTO released the latest report, estimating that the goods trade volume in 2018 would increase by 4.4%. At the same time, the steady progress of China’s economy was further consolidated, and as the supply-side structural reform was deepening, the endogenous power of foreign trade development was further strengthened.

Next, we will follow Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, firmly establish and implement the idea of new development, and according to the tasks and requirements put forward by the Government Work Report, stick to expanding opening up and actively expand imports. We will actively cope with the challenges brought by trade protectionism, unswervingly safeguard multilateral trading system with other countries, and substantially safeguard the legitimate interests of Chinese enterprises. We will also further optimize business environment and alleviate burdens on the enterprises. We will strengthen the cultivating of new trade business types, promote the processing trade to transfer to the Middle region and the West, and push forward innovation. We will make all efforts to prepare for the 1st China International Imports Expo 2018, and bolster the building of a strong country of trade, making greater contributions to the national economy and social development.