(Yicai) April 14 -- China’s foreign trade in goods jumped 18 percent in the first quarter from a year earlier, the fastest quarterly growth for five years, to reach a record USD1.7 trillion amid a surge in demand.

Exports rose 15 percent to USD977.5 billion in the three months ended March 31, while imports climbed 23 percent to USD713.2 billion, according to data released today by the General Administration of Customs. Last month alone, they gained 3 percent and 28 percent to USD321 billion and USD269.9 billion, respectively. 

The growth was due partly to a manufacturing recovery in China’s major trading partners, including the Association of Southeast Asian Nations and the European Union, GAC Vice Minister Wang Jun said at a press conference today. Exports to ASEAN countries increased 18 percent in Chinese yuan terms, with a rise of 18 percent to the EU, and 15 percent to the United Kingdom. 

Foreign-funded enterprises in China also played a significant role, the GAC data showed, with their imports and exports jumping 16 percent from a year earlier to CNY3.5 trillion (USD 513.5 billion) in the first quarter, rising for the eighth consecutive quarter. 

There was an impressive leap in trade of 45 percent for foreign-funded electronic information companies in the quarter, along with an 11 percent rise for new materials firms, and 10 percent for high-end equipment companies, Wang said. 

Over 6,200 foreign-funded enterprises were newly registered with the Chinese customs agency in the quarter, bringing the total number with import and export records to 69,000, up by more than 1,000 from a year ago. This demonstrates the ongoing attractiveness of the Chinese market to overseas businesses, Wang added.

There was an impact on trade from the war in the Middle East, the data also showed. Imports and exports to the region went from a year-on-year increase in the previous two months to a decrease in March, said Lu Daliang, director of the GAC’s statistics and analysis department.

But the basic long-term trend in China’s economy remains positive, Wang noted, despite the complex and difficult overseas environment. In March, the manufacturing purchasing managers’ index returned to expansion, and new export and import orders improved significantly, indicating that the nation has the ability to maintain stable growth in foreign trade, he said.

Editors: Dou Shicong, Tom Litting