The latest official data indicates that China’s trade surplus posted a sizeable contraction in the first quarter of 2018.
Figures from the General Administration of Customs indicates that China’s total imports and exports were worth 6.75 trillion yuan in the first quarter of 2018, for a year-on-year rise of 9.4%.
Exports rose 7.4% to hit 3.54 trillion yuan, while imports increased 11.7% to reach 3.2 trillion yuan, for a trade surplus of 326.18 billion yuan, marking a contraction of 21.8%.
China’s general import and export trade saw a rapid increase and a rise in its share of total trade, expanding by 13.2% to reach 3.93 trillion yuan.
General import and export trade accounted for 58.3% of China’s total trade, marking an expansion of 2 percentage points compared to the same period last year.
Private enterprises accounted for 38.3% of China’s total trade, for an increase of 1.7 percentage points compared to the same period last year, with their total trade volume rising by 14.5% to hit 2.59 trillion yuan.
Exports by private enterprise rose by 11.9% to 1.64 trillion yuan, accounting for 46.4% of total exports, or a share increase of 1.9 percentage points.