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China's foreign trade continued to recover in March, boosting growth across the first quarter as exporters ramped up production to meet strong demand from western economies and recovering domestic demand boosted imports, data from the General Administration of Customs showed on Tuesday.
Here are the highlights:
- Exports in March rose for the 10th month by 30.6% y/y, which is lower than last 154.9% y/y due the low base effect but marked the record high in recent three years. The surge came out of the quickly recovering demands from big partners including European countries and the United States. Total in the first three months gained 49.0% y/y to $709.98 billion.
- Exports to the U.S. rose 74.7% y/y in January-March period, while those to the EU and Japan increased 56.7% and 30.6%, respectively.
- Imports rose 38.1% y/y in March, driven by the expanding imports of commodities such as iron and ore, natural gas as well as agricultural products. Total for the first quarter increased 28.0% y/y to $593.62 billion.
- Q1 imports from the U.S. were up 69.2% y/y, while those from the EU and Japan rose 33.0% y/y and 28.3% y/y.
- The trade surplus registered $116.35 billion in the first three months, with the March surplus at $13.80 billion.
- China's foreign trade has kept a recovering growth since the start of the year with positive factors increasing, but the ongoing pandemic still poses risks to China's trade, the Customs warned.