China's foreign trade up 5% in Q1, hits new records

China's total import and export of goods expanded 5 percent year on year in yuan terms in the first quarter of 2024, setting new records in both scale and growth rate, official data showed Friday.

From January to March, the country's foreign trade in goods stood at 10.17 trillion yuan (about 1.43 trillion U.S. dollars), according to the General Administration of Customs (GAC).

Exports from the world's second-biggest economy were 4.9 percent higher year on year to reach 5.74 trillion yuan, while imports rose 5 percent to 4.43 trillion yuan, the data showed.

Historically, for the first time, the country's foreign trade scale has exceeded 10 trillion yuan during the same period, while the growth rate has hit a six-quarter high, GAC deputy head Wang Lingjun told a press conference.