Despite a complex and severe external environment, China's foreign trade has demonstrated robust momentum and a favorable start this year. Data released by the General Administration of Customs on April 14 shows that in the first quarter, China's total goods trade import and export volume reached 11.84 trillion yuan, exceeding 11 trillion yuan for the first time in the same period in history, with a year-on-year increase of 15%. The quarterly growth rate is the highest in nearly five years. Exports amounted to 6.85 trillion yuan, up 11.9%, while imports reached 4.99 trillion yuan, rising 19.6%.
The rapid growth in China's foreign trade during the first quarter is attributed to a stable foundation, strong vitality, and dynamic momentum, according to Vice Minister of the General Administration of Customs Wang Jun. A stable foundation is reflected in the steady expansion of the overall trade volume and diversified, stable markets. By the first quarter of this year, China's total import and export value had remained above 10 trillion yuan for 12 consecutive quarters, with growth returning to double digits since the fourth quarter of 2022. Trade with developed economies such as the European Union maintained overall growth, while trade with regions including ASEAN, Latin America, and Africa saw growth rates exceeding double digits.
Strong vitality is evident in the active participation of business entities and the distinctive advantages of regional development. In the first quarter, the number of enterprises with import and export records reached 618,000, including over 540,000 private enterprises, further consolidating their role as the main force in foreign trade. Foreign-invested enterprises, deepening their roots in China while serving global markets, saw exports and imports grow by 10.8% and 23%, respectively. State-owned enterprises continued to play a key role in stabilizing supply chains, with imports increasing by 7.5% and accounting for 20.9% of total imports. Meanwhile, eastern, central, western, and northeastern regions of China fully leveraged their locational characteristics and industrial strengths, achieving import and export growth rates of 14.3%, 20.2%, and 4%, respectively. Major foreign trade provinces such as Guangdong, Jiangsu, Zhejiang, Shanghai, and Shandong collectively contributed over 60% of the total import and export growth.
Dynamic momentum is reflected in the upgrading and optimization of the export structure and the significant strengthening of import growth. In the first quarter, exports of storage components and central processing units increased by 39.1% collectively, while power-related products such as power generation equipment, power transmission and transformation equipment, and energy storage equipment also achieved double-digit growth. At the same time, China's imports grew by nearly 20%, with the growth rate exceeding that of exports by 7.7 percentage points, reaching a record high for the same period in history. Imports of high-tech products rose by 25.1%, while imports of bulk commodities and consumer goods maintained favorable growth rates.
China has proactively opened its ultra-large market, actively expanded imports, and strengthened industrial cooperation for mutual benefit, allowing countries to better share in China's opportunities, Wang Jun stated. China is not only willing to be the "world's factory" but also the "world's market." Customs will continue to provide optimized clearance supervision and services to facilitate import expansion, helping China's large market become a major opportunity for the world.
Recently, the Hainan Free Trade Port marked 100 days since the island-wide customs closure operation. Data shows that in the first quarter, Hainan added 4,119 newly registered foreign trade enterprises, bringing the total number to 104,000. The island's goods trade import and export volume reached 84.53 billion yuan, an increase of 38.5%, with growth exceeding 20% for four consecutive months.
The overall operation of the Hainan Free Trade Port has been stable and orderly, with a favorable start to the customs closure operation. Core policies have accelerated the release of benefits, while high-level opening-up has been comprehensively upgraded, according to Lü Daliang, spokesperson of the General Administration of Customs and Director of the Department of Statistical Analysis. Customs has adhered to institutional innovation, building a "smart + credit" supervision model and launching the Hainan Free Trade Port Customs Smart Supervision Platform. Efforts to improve smart supervision scenarios, such as zero-tariff policies, value-added processing exemptions, and duty-free sales for off-island travelers, have facilitated efficient port clearance.
Recently, the World Trade Organization predicted that global merchandise trade volume growth would slow by 2.7 percentage points to 1.9% this year. The latest economic outlook report from the OECD indicated that uncertainties in the Middle East pose a test to global economic resilience. Despite the complex and severe external environment, confidence remains firm, Wang Jun emphasized. The rapid growth in imports and exports in the first quarter has laid a solid foundation for stable foreign trade growth throughout the year. In March, China's manufacturing Purchasing Managers' Index returned to the expansion zone, with notable rebounds in indicators such as new export orders and imports. China has the confidence and capability to continue promoting the stability of foreign trade scale and the optimization of its structure.