Review of China’s Foreign Trade in the First Quarter of 2022
April 13, 2022
( The Chinese version shall prevail. )
In the first quarter of 2022, China, under the strong leadership of the CPC Central Committee with Comrade Xi Jinping at the core, has coordinated in containing the pandemic while ensuring socioeconomic development in a science-based manner. China has made economic stability its top priority and pursued progress while ensuring stability, and kept major economic indicators within an appropriate range, achieving a stable start of foreign trade. According to Customs statistics, China’s foreign trade volume in goods in the first quarter of 2022 reached RMB9.42 trillion, up by 10.7% year-on-year. Exports grew by 13.4% to RMB5.23 trillion and imports increased by 7.5% to RMB4.19 trillion.
The details are as follows:
1. Proportion of general trade increased. In the first quarter of 2022, China's general trade rose by 13.9% to RMB5.95 trillion, accounting for 63.2% of China’s total foreign trade volume, 1.8 percentage points higher over the same period last year. Exports increased by 17.9% to RMB3.28 trillion. Imports grew by 9.3% to RMB2.67 trillion. Processing trade went up by 4.2% to RMB1.99 trillion.
2. Imports and exports with major trading partners grew. In the first quarter of 2022, China’s trade with ASEAN, the EU, the US, the ROK and Japan reached RMB1.35 trillion, RMB1.31 trillion, RMB1.18 trillion, RMB574.18 billion and RMB571.03 billion, up by 8.4%, 10.2%, 9.9%, 12.3% and 1.8%, respectively. Trade with countries along the Belt and Road and RCEP trading partners grew by 16.7% and 6.9%, respectively.
3. Foreign trade entities showed strong resilience in imports and exports. In the first quarter of 2022, China has 432,000 enterprises with export and import records, an increase of 5.7% year-on-year. China’s private enterprises registered RMB4.52 trillion in imports and exports, an increase of 14.1%, 1.4 percentage points higher over the same period last year, accounting for 48% of the country’s total foreign trade volume. Foreign-invested enterprises marked RMB3.38 trillion in imports and exports, up by 5.8%. State-owned enterprises registered RMB1.5 trillion in imports and exports, up by 14.5%.
4. Exports of major categories of products maintained sound momentum. In the first quarter of 2022, China’s exports of mechanical and electrical products grew by 9.8% to RMB3.05 trillion, making up 58.4% of total exports. Exports of solar cells, lithium batteries and motor vehicles increased by 100.8%, 53.7% and 83.4%, respectively. Exports of labour-intensive products grew by 10.9% to RMB900.05 billion. Exports of cases, footwear and toys grew by 24%, 20.4% and 16.9%, respectively.
5. Imports of mechanical and electrical products and agricultural products have been stable. In the first quarter of 2022, China’s imports of mechanical and electrical products grew by 2.7% to RMB1.71 trillion, making up 40.8% of total imports. Imports of integrated circuits, automatic data processing machines and parts thereof, and electric passenger vehicles increased by 12.4%, 14.9% and 15.7%, respectively. Imports of agricultural products increased by 4.1% to RMB336.25 billion.