(Yicai) April 14 -- China's imports and exports rose 1.3 percent to CNY10.3 trillion (USD1.41 trillion) in the first quarter of this year, setting a historic high for the period, which includes the Chinese New Year holiday, according to official data.

China’s international trade topped CNY10 trillion for the eighth consecutive quarter in the three months ended March 31, the General Administration of Customs announced today.

The country’s trade surplus reached CNY1.96 trillion (USD268.8 billion), with CNY736.7 billion (USD102.6 billion) generated in March alone. Chief economists surveyed by the Yicai Research Institute had predicted a smaller surplus of USD78.6 billion.

The increase was driven by rising exports, with a modest decline in imports. Exports totaled CNY6.13 trillion in the three-month period, up by 6.9 percent.

The jump in exports came before US President Donald Trump announced so-called reciprocal tariffs on all US trading partners, especially China, on April 2. The Trump administration has since then jacked up the additional border taxes on imported Chinese products to 145 percent.

“The sky won't fall" for China's exports despite a complex and challenging external environment, GACC spokesperson Lv Daliang told reporters today. “Resilience is evident under pressure,” Lv said, adding that China is actively building a diversified market with strong domestic demand, which will help mitigate the uncertain external environment.

Quarterly imports dropped by 6 percent to CNY4.17 trillion. The decline was driven by fluctuating demand for certain commodities, Lv explained. However, he emphasized that China still has significant potential for import growth.

China has maintained its position as the world's second-largest importer for 16 consecutive years, with an average annual growth rate of 5.4 percent. Its share of global imports has steadily increased to 10.5 percent from 7.9 percent.

Closer ASEAN Ties

Trade between China and the Association of Southeast Asian Nations, which comprises 10 countries, rose by 7.1 percent to CNY1.71 trillion in the quarter. Lv pointed out that China and ASEAN countries, with a combined population of over two billion, account for about one-quarter of the world’s total population.

In the face of globalization challenges, the principles of mutual openness, integration, and common development continue to unlock market potential and set a model for cooperation, the customs official added.

China and Southeast Asian nations are advancing efforts to upgrade their free trade agreements under the ASEAN-China Free Trade Area. This will foster cooperation in emerging sectors such as the digital economy, green economy, and supply chain connectivity, while strengthening integration and interoperability in areas like standards and rules, Lv said. 

Trade With Europe, US

Container traffic between China and Europe, the United States, and Central Asia has increased this year. In the first quarter, China's trade with the European Union reached CNY1.3 trillion, a 1.4 percent increase, per GACC data.

China and the EU are each other’s most important trading partners, noted GACC Deputy Director Wang Lingjun. Bilateral trade has grown from USD2.4 billion when diplomatic relations were first opened to USD780 billion today. China and the EU together account for more than a third of global economic output, with shared interests in economic globalization and trade liberalization, Wang added.

China’s foreign trade with countries involved in the Belt and Road Initiative -- a modern-day Silk Road blueprint -- reached CNY5.26 trillion, marking a 2.2 percent increase.

Trade between China and the United States grew by 4 percent to CNY1.1 trillion before the steep tariff hikes. 

Meanwhile, trade between China and Japan rose by 0.5 percent to CNY520 billion (USD71.1 billion), while that with South Korea inched 0.1 percent lower to CNY533.8 billion. Trade with the five Central Asian countries, including Kazakhstan and Uzbekistan, jumped by 6.9 percent.

A sector in the spotlight was equipment manufacturing, as imports and exports jumped by 7.6 percent. Meanwhile, exports of self-owned brands increased by 10.2 percent, accounting for almost 23 percent of the total export value.

In US dollar terms, China’s international trade in the first quarter edged up 0.2 percent to USD1.43 trillion. Exports rose by 5.8 percent to USD854.7 billion, while imports declined by 7 percent to USD580.7 billion.

Editor: Emmi Laine