China's Q1 Foreign Trade Up 4.8%...Trade with US Down, Trade with Russia Up

Total Export Value Up 8.4%... Import Value Up 0.2%
Impact of US-China Conflict and Strengthening China-Russia Relations

China's foreign trade in the first quarter of this year increased, with trade with the United States decreasing and trade with Russia significantly rising.

According to the General Administration of Customs of China on the 13th, the total import and export volume of China in the first quarter was 9.89 trillion yuan (approximately 1884 trillion won), an increase of 4.8% compared to the same period last year.

In particular, exports amounted to 5.65 trillion yuan (approximately 1077 trillion won), up 8.4% from the same period last year, and imports were 4.24 trillion yuan (approximately 808 trillion won), up 0.2%.

Trade volume with the United States was 1.1104 trillion yuan (approximately 211.6 trillion won), down 6.2%. Exports decreased by 10.4% from the same period last year to 791.8 billion yuan, while imports increased by 6.2% to 318.6 billion yuan (approximately 60.27 trillion won).

On the other hand, trade volume with Russia recorded 370.9 billion yuan (about 70.7 trillion won), an increase of 50.1% compared to the same period last year. Exports and imports increased by 59.3% and 43.4%, respectively, with exports at 166.1 billion yuan (approximately 31.6 trillion won) and imports at 204.8 billion yuan (approximately 39 trillion won).

However, on a dollar basis, foreign trade in the first quarter was $1.438954 trillion, a decrease of 2.9% compared to the same period last year. The decline in trade with the United States was even larger at 13.1%, with both exports (-17%) and imports (-1.7%) decreasing. Dollar-based trade with Russia increased by 38.7%, with exports and imports rising by 47.1% and 32.6%, respectively.

Due to the intensifying US-China conflict and US export restrictions on advanced technologies such as semiconductors to China, trade with the United States was sluggish. However, strengthened relations with Russia appear to have contributed to the active trade with Russia. The General Administration of Customs stated, "Since the beginning of this year, foreign trade has maintained a stable state and continues to improve."

[Image source=Yonhap News]

This content was produced with the assistance of AI translation services.