China’s foreign trade in goods saw an uptick in the first quarter of this year, bolstered by strengthening ties with the Association of Southeast Asian Nations (ASEAN). According to data released by the General Administration of Customs (GAC) on Monday, trade expanded by 1.3 percent year-on-year to reach 10.3 trillion yuan (approximately $1.41 trillion).
Exports played a significant role, with volumes increasing by 6.9 percent to 6.13 trillion yuan compared to the same period last year. Despite global economic headwinds, a top GAC official expressed confidence, stating that “the sky won’t fall” for China’s exports during a press conference.
ASEAN retained its position as China’s largest trading partner in the first quarter. Trade between China and ASEAN countries grew by 7.1 percent to 1.71 trillion yuan, making up 16.6 percent of China’s total foreign trade volume. Notably, Vietnam emerged as China’s largest trading partner within ASEAN.
The customs official highlighted China’s vast domestic market as a strong support for the economy, emphasizing that domestic certainty can act as a buffer against global volatility. Chinese companies are also collaborating to help exporters pivot towards domestic trade.
