China's foreign trade expands growth in Jan-April

China's foreign trade has extended its growth momentum during the first four months, with the country fully promoting efforts to coordinate the development of trade industries, the Ministry of Commerce said on its official website.

China's foreign trade expanded 28.5 percent year-on-year to 11.62 trillion yuan ($1.8 trillion) in the January-April period. This marks an increase of 21.8 percent over the level in 2019. Exports jumped 33.8 percent from a year earlier while imports climbed 22.7 percent in yuan terms. In April alone, China's imports and exports totaled 3.15 trillion yuan, the second highest in history. 

During the first four months, China's exports to traditional markets such as the EU, US, Japan and Hong Kong respectively increased 36.1 percent, 49.3 percent, 12.6 percent and 30.9 percent year-on-year. Exports to emerging markets such as ASEAN, Latin America and Africa rose 29 percent, 47.1 percent and 27.6 percent respectively.

Private enterprises continued to be the main driving force behind China's foreign trade growth. A total of 61,655 new operators in foreign trade were registered in the first four months. During the period, exports of private enterprises expanded by 45 percent to 3.53 trillion yuan, accounting for 55.9 percent of the total.

"Stay at home" products continued to drive export growth. During the first four months, exports of computers, smartphones, household appliances, lamps and toys increased 32.2 percent, 35.6 percent, 50.3 percent, 66.8 percent and 59 percent respectively. Developed economies, with a higher pace of vaccinations, saw increased demand in clothing, shoes and bags, with exports growing 41 percent, 25.8 percent and 19.2 percent respectively.

Cross-border e-commerce has maintained growth momentum. During the first three months, imports and exports rose 46.5 percent to 419.5 billion yuan. The 129th session of the China Import and Export Fair, also known as the Canton Fair, was successfully held online last month, bringing new business opportunities for global exhibitors.

In addition, some commodities saw a rapid increase in prices, driving the growth rate of imports. This year, the manufacturing PMI maintained its expansion, driving up import demand for energy, raw materials and accessory parts.

During the first four months, imports of crude oil, iron ore and integrated circuits increased 7.2 percent, 6.7 percent and 30.8 percent respectively, while the average price of importing soybeans, iron ore and copper ore increased 15.5 percent, 58.8 percent and 32.9 percent respectively.