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China's spring foreign trade rebounded sharply and the surplus continued to decline
In a report released by China Voice's National News Network at 18:44, the Ministry of Commerce issued the "2010 Spring Foreign Trade Situation Report" in the afternoon. The report highlighted that China's foreign trade has maintained a recovery and growth trend since the end of last year. There was a significant rebound, with the trade surplus gradually decreasing and even turning into a deficit in March.
The first-quarter total import and export volume saw a 44% increase compared to the same period last year. Exports rose by 29%, while imports surged by 65%, marking a record high growth rate. As the import growth rate has consistently outpaced exports, the trade surplus has been shrinking sharply since October last year. In March, China recorded a trade deficit of 7.2 billion U.S. dollars, ending a 70-month period of consistent surplus that began in May 2004.
The primary cause behind this shift is the uneven recovery of internal and external demand. Domestic demand has grown faster than international demand, and the rise in import prices has outpaced the increase in export prices, leading to higher import growth relative to exports.
Despite this, the overall performance for the first quarter showed positive trends. Major commodity imports and exports continued to rise, and the share of processing trade exports increased. Trade with key partners rebounded significantly, indicating an improving environment for China's foreign trade development. These developments suggest that the Chinese economy is gradually adapting to global market dynamics while maintaining strong domestic momentum.