(Yicai Global) April 12 -- China's trade with the United States tumbled 11 percent year-on-year in the first three months of 2019 amid frictions between the world's two biggest economies.
The total value of China's exports and imports with the US was CNY815.9 billion (USD121.4 billion), according to data released by the General Administration of Customs on its website today. The impact of trade tensions on business was generally controllable, according to GAC spokesman Li Kuiwen.
Li said that the Chinese government has been paying close attention to China-US economic and trade frictions and both sides have been in close contact after meeting in Argentina last December and have so far concluded nine rounds of high-level talks.
"China-US economic and trade relations will surely become better with the two countries' joint efforts," he added.
Premier Li Keqiang is visiting Europe amid a deepening of China-European Union trade and economic cooperation through the Belt and Road initiative, Li said. The EU kept its position as China's largest trading partner in the first quarter, with trade jumping 11.5 percent to CNY1.1 trillion, making up 15.8 percent of the total.
China's total trade rose 3.7 percent to CNY7 trillion in the first quarter. Of this, exports fell 3.7 percent at CNY622.4 billion, while imports plunged 28.3 percent to CNY193.4 billion.
Some international institutions have cut their growth targets for the global economy and international trade since the start of this year, despite China being a stabilizer. First-quarter trade data has sent a positive signal, which will help boost confidence and stabilize global trade, Li said.