A Positive Surprise! China’s exports surge 23.4% y-o-y in March

According to data released by China's General Administration of Customs on Thursday, the country's imports and exports of goods in the first quarter (Q1) of 2023 reached 9.89 trillion yuan (about $1.44 trillion), up 4.8 percent year-on-year. The growth rate was accelerated by 2.6 percentage points from that of the fourth quarter last year. This is a steady and positive start to 2023. 

What is more notable is that imports and exports "returned to the positive territory" in February. China's export volume in March stood at 2.15 trillion yuan ($312.85 billion), up 23.4% from the previous year (about 14.8% year-on-year in dollar terms). This has ended the declining trend of the previous five consecutive months.

Since the end of last year, foreign trade has been facing factors like uncertainty, instability and unbalance. After adjusting the measures for epidemic prevention and control, various regions quickly organize enterprises to "go abroad and grab orders" to stabilize the foundation of foreign trade. The number of Chinese enterprises that have actual performance in foreign trade sees year-on-year growth of 5.9 percent in Q1.

In the first three months of 2023 , the exports of electric vehicles, lithium batteries and solar cells increased 66.9% year-on-year, driving up the country's overall exports by 2 percentage points, according to GAC data. Our advantages in emerging industries and fields are still constantly being strengthened and consolidated.

Under the unstable global economy, China continues to exert its ability to stabilize the economic ecology of its periphery and even a wider range.

In addition to surprises, the foreign trade data also indicates some unfavorable factors that deserve attention. For example, the continued decline in exports to countries such as the US reflects the continuing risk of weakened external demand. In addition, the problem of insufficient demand reflected in the slow recovery of import growth still needs to be addressed with great effort. It shouldn't be ruled out that foreign trade may face greater challenges and difficulties in the future, but the strong resilience, great potential and adequate vitality of the Chinese economy remain unchanged, and our efforts to maintain the positive momentum of foreign trade will not stop.

Facts have repeatedly proven that the Chinese economy is a ship that can withstand wind and waves. For us, we encounter difficulties every year. But we can always achieve new developments in overcoming difficulties.

Source: Global Times

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