China's Import and Export Scale Reaches a New Level in the First Quarter
Day, China's foreign trade in the first quarter "report card" out. According to customs statistics, in the first quarter of 2024, China's trade in goods imports and exports for the first time in the same period in history exceeded 10 trillion yuan, import and export growth rate of 6 quarters since the new high. Among them, exports 5.74 trillion yuan, an increase of 4.9 per cent year-on-year; imports 4.43 trillion yuan, an increase of 5 per cent year-on-year, accelerated from the fourth quarter of last year by 4.1, 2.3 percentage points. Overall, the first quarter of China's foreign trade started strong, good start, to achieve the annual "quality and quantity stable" goal to lay a solid foundation.
Wang Qing, chief macro analyst of Oriental Jincheng, said that at present, the momentum of export growth is still strong, behind the warming of foreign demand and stable foreign trade policies continue to work. In addition, China's current export trend to developing economies such as ASEAN is significantly better than the United States and Europe and other developed economies, automotive exports continue to maintain a relatively rapid level of growth, are showing that the structure of China's foreign trade exports are improving. Looking ahead, along with the high base effect weakened, the second quarter exports are expected to remain on the growth track, and the growth rate will be accelerated compared with the first quarter.
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