China’s foreign trade volume up 38.6% in Q1, exports grows amid improving foreign demand

China’s foreign trade volume totaled 1.3 trillion dollars in the first quarter of 2021, up by 39 percent year-on-year, with overseas demand driving a jump in exports, data released by the General Administration of Customs showed.

Exports rose by 49 percent in the first quarter to 710 billion dollars, while imports were up by 28 percent to 594 billion dollars.

Wang Dan, chief economist at Hang Seng Bank China, shared, “The growth rates of exports and imports have continued to beat historical trends in the past decade. ASEAN countries remained to be China’s No.1 trading partner, surpassing EU and the U.S.”

Chinese exports have benefited from stronger overseas demand for Chinese goods as the global economy continues to recover amid accelerated vaccination efforts.

U.S. factory activity picked up in March amid strong growth in new orders, and the growth in Eurozone monthly factory activity was the fastest on record.

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