(Yicai Global) April 13 -- China’s foreign trade surged 13 percent to USD1.5 trillion in the first quarter, according to the latest official figures, as demand for Chinese goods stayed strong.

Imports rose 9.6 percent to USD658 billion in the three months ended March 31, while exports jumped 15.8 percent to USD820.9 billion, data from the General Administration of Customs showed today. The trade surplus was USD162.9 billion.

The Association of Southeast Asian Nations was China’s largest trading partner in the quarter, with trade expanding 10.7 percent to USD212.4 billion. The United States ranked third with USD185.9 billion, up 12.2 percent.

China exported USD479.7 billion of electrochemical products in the three months, up 12.1 percent from a year earlier and accounting for 58.4 percent of total exports. The value of exported integrated circuits and cars surged 23.2 percent and 87.1 percent, respectively.

Imports of mechanical and electrical products rose 4.7 percent to USD268.4 billion, accounting for 41 percent of the total. Among them, imports of automatic data processing equipment and parts, integrated circuits, and cars rose 17.2 percent, 14.6 percent, and 9.4 percent, respectively. Imports of agricultural products totaled USD52.8 billion.

The surging cost of imported commodities pushed up the value of imports somewhat, according to GAC spokesperson Li Kuiwen. The Reuters CRB Index, which reflects global commodity prices, jumped nearly 30 percent in the first quarter. Prices of the crude oil, natural gas, and food that China imported rose in the double-digits.

Last month, China’s trade surplus increased fourfold from a year earlier to USD47.38 billion, the GAC data showed. Outbound shipments jumped 14.7 percent in the month, extending their double-digit growth, while those inbound fell 0.1 percent, marking the first decline since August 2020.

The global economy is still recovering, with the World Trade Organization forecasting international trade growth at between 2.4 percent and 3 percent this year. Overseas demand for Chinese products is still expanding, the GAC’s Li said.

Li Kuiwen pointed out that the external environment is more severe and complex, and the steady growth of foreign trade still faces many risks and challenges, but China’s foreign trade will remain resilient and maintain its full potential. China will make greater efforts to achieve its goal of developing foreign trade and maintaining stability while improving its structure this year, he added.

Editor: Futura Costaglione