Rise in exports, imports signals robust economy
Print Edition
CHINA’S exports and imports both rose at a faster-than-expected rate in January, another sign that the economy remained resilient despite growing external uncertainties.
China’s total imports and exports rose 8.7 percent from a year earlier to 2.73 trillion yuan (US$403 billion) last month, the General Administration of Customs said yesterday.
Exports rose 13.9 percent year on year to 1.5 trillion yuan last month, while imports grew 2.9 percent to 1.23 trillion yuan, customs data showed. The trade surplus expanded 1.2 times to 271.16 billion yuan.
The increase in exports was significantly higher than analyst forecasts, partly driven by front-loading by exporters before the Spring Festival, which fell at the beginning of February as compared with the end of February last year, China Merchants Securities said in a research note.
“It could also be the case that the negative impacts brought by previous front-loading activities had peaked in December,” it said.
While imports climbed mildly, the data also beat expectations, it noted.
Exports and imports of products under the general trade category rose 13 percent year on year to 1.66 trillion yuan, accounting for 60.9 percent of the total foreign trade, 2.3 percentage points higher than the same period of last year, customs data showed.
In terms of regions, China’s trade with the European Union, ASEAN countries and Japan increased 17.6 percent, 7.8 percent and 6.5 percent.
Trade with countries along the Belt and Road rose 11.5 percent to total 770.8 billion yuan. It now accounts for 28.2 percent of China’s total foreign trade, which is 0.7 percentage points higher than a year earlier.
Exports to the United States went up 1.9 percent, while imports tumbled 38.6 percent.
The private sector made a greater contribution to the country’s foreign trade last month, with the imports and exports of private companies surging 17 percent to 1.15 trillion yuan. This accounts for 42.3 percent of the overall foreign trade, 3 percentage points higher than the same period of last year.
Meanwhile, imports and exports of state-owned enterprises totaled 469.82 billion yuan, up 6 percent, accounting for 17.2 percent of China’s total foreign trade.
China’s exports in January were mainly driven by mechanical and electrical goods, rising 11.5 percent to account for 57.1 percent of the country’s total exports.
The seven major labor-intensive manufacturing sectors — clothing, textiles, furniture, shoes, plastic products, bags and toys — together posted exports of 310.4 billion yuan, an increase of 17.4 percent from a year earlier, accounting for 20.7 percent of China’s total exports.
Chinese officials believed the country is capable of maintaining stable trade growth in 2019.
The gradual recovery of the global economy, China’s opening-up efforts and pro-trade policies, accelerating industrial upgrading and improving corporate vitality will lend strong steam to trade growth this year, Chu Shijia, head of the comprehensive department of the Ministry of Commerce, said on Tuesday.
China has vowed to cut taxes to a larger scale this year to boost domestic demand.
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