China's Q1 foreign trade data consolidate 'stabilizer' role in global economy

BEIJING, April 14 -- China's foreign trade started 2026 with strong momentum, posting robust double-digit growth in the first quarter (Q1), a performance that underscores the economy's resilience and reinforces its role as a key stabilizer for the global economy amid widespread volatility.

According to data released Tuesday by the General Administration of Customs (GAC), the total value of goods imports and exports surged 15 percent year on year to 11.84 trillion yuan (about 1.73 trillion U.S. dollars). This marks a historic high for the first quarter and the fastest quarterly growth rate in five years.

"China's foreign trade has achieved a strong start to the year," said Wang Jun, a GAC official, at a press conference. He attributed the growth to a stable foundation, dynamic market players, and a powerful surge in imports.

PILLAR OF STABILITY

This dual-engine growth in both imports and exports injects much-needed certainty into the global economic landscape. In the first three months of this year, exports grew by 11.9 percent to 6.85 trillion yuan, while imports surged by 19.6 percent to 4.99 trillion yuan. The total trade value has now remained above 10 trillion yuan for 12 consecutive quarters, the GAC data showed.

China's trade "circle of friends" continued to expand as its market diversification strategy gained momentum. In the first quarter, trade with countries participating in the Belt and Road Initiative grew by 14.2 percent, accounting for 51.2 percent of China's total trade, while trade with ASEAN, Latin America, Africa and the European Union all saw double-digit growth.

It is noteworthy that under China's higher-level opening-up strategy, the country has seen steadily expanding imports and more balanced trade development. The GAC data showed that Q1 imports grew by nearly 20 percent, with a growth rate 7.7 percentage points higher than that of exports, hitting a record high for the same period in history.

Accelerated industrial production fueled raw material imports, while policies to boost consumption and an extended Spring Festival holiday drove a rebound in consumer goods. The data showed that China's imports of metallic mineral ore, as well as mechanical and electrical products, saw double-digit growth in the first three months.

NEW DRIVERS, PRIVATE SECTOR LEAD THE WAY

The engine of China's export growth is being powered by a shift toward higher-value and greener technologies and the vitality of its private sector.

Part of this growth stems from recovering global demand, particularly in green, low-carbon and AI-related industries. Exports of electric vehicles, lithium batteries, wind turbines and related parts surged by 77.5 percent, 50.4 percent and 45.2 percent, respectively, year on year in Q1. Products like storage components and power generation equipment also posted significant gains.

"Made in China" continues to enhance its quality, efficiency and services, and will keep meeting the production and consumption needs of various sectors and at different levels around the world, Wang said.

Private enterprises are the primary force behind this momentum. They recorded a total import and export volume of 6.78 trillion yuan in the first quarter, with an export growth rate of 12.7 percent outpacing the national average.

Leveraging their flexibility and innovative spirit, these companies are consolidating their presence in traditional markets while actively expanding into emerging ones. Meanwhile, by developing products that precisely meet market demand, private enterprises are continuously enhancing their global competitiveness, the GAC said.

COMMITMENT TO OPENING UP

The more balanced trade development reflected in the Q1 data highlights China's firm commitment to the world that it aspires to be not only the "world's factory" but also the "world's market." With more opening-up policies and measures continuing to take effect, China is expected to further consolidate its stabilizing role in the global economy.

China has granted zero-tariff treatment on 100 percent of tariff lines to products from the least developed countries that have diplomatic relations with China, starting Dec. 1, 2024.

Starting from May 1 this year, China will fully implement zero-tariff measures for 53 African countries with diplomatic ties. In the first quarter of this year, trade volume with Africa reached 646.56 billion yuan, surging by 23.7 percent, which signals the sustained vitality of China-Africa trade.

As a bellwether for this policy, the Hainan Free Trade Port saw its goods trade volume jump 38.5 percent to 84.53 billion yuan during the period, with shopping transactions supervised by customs growing by 25.7 percent at its offshore duty-free market.

This optimized environment is also paying dividends for foreign firms. In Q1, foreign-funded enterprises recorded trade growth with nearly 170 countries and regions, with almost 60 percent of these enterprises achieving trade growth.

Wang described China as a cornerstone of global stability and an ideal, safe investment destination. "We are confident that as China continues to advance high-standard opening up, foreign-invested enterprises will achieve even better development here," he added.