China's Trade Increased by 5.8% YoY In Q1 2023

As reported by the General Administration of Customs (GAC), China's total value of imports and exports increased by 5.8 percent year on year (YoY) in the first four months of 2023 to reach 13.32 trillion yuan (approximately $1.92 trillion), a 1% increase over the first quarter's (Q1) growth rate.

During the same period, exports increased by a strong 10.6 percent, while imports increased by a marginal 0.02 percent. The data also showed significant trade growth with specific regions; trade with the Association of Southeast Asian Nations (ASEAN) and the European Union (EU) increased by 13.9% and 4.2%, respectively.

China's trade with participating countries increased by 16% to 4.61 trillion yuan in the context of the Belt and Road Initiative. Trade with the Central Asian nations of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan increased by 37.4%, offsetting weaker demand from traditional markets.

Private enterprises have also been at the forefront of this trade expansion, with their imports and exports increasing by 15.8 percent to 7.05 trillion yuan, accounting for more than half of total trade in the country.

The GAC's monthly survey revealed an increasing number of enterprises reporting growing export orders for the fourth consecutive month, indicating that this trade growth is sustainable. Foreign trade increased by 8.9 percent YoY Increase