China's export volume in March increased by 13.5% YoY, with home appliances and auto parts accelerating their global expansion.

The General Administration of Customs of China released the import and export data of goods trade for March this year today. The data showed that in Q1, China's goods trade import and export reached 10.3 trillion yuan, up 1.3%, setting a new record for the same period in history and exceeding 10 trillion yuan for eight consecutive quarters. From the trend of monthly data, China's import and export fell 2.2% in January, remained basically flat in February, and achieved a 6% growth in March. It is evident that China's import and export growth rate has been rebounding month by month. In terms of export data, in Q1, China's export scale exceeded 6 trillion yuan, achieving a rapid growth of 6.9% YoY. In March, the export scale was 2.25 trillion yuan, up 13.5% YoY and surging 45.7% MoM. Cailian Press compiled the changes in the export value of key commodities in March this year and found that: in March, China's agricultural product exports performed prominently, with the export value of aquatic products and grains increasing by 17.82% and 31.14% YoY respectively, in US dollars (the same hereinafter). Since 2017, ASEAN has been China's largest trading partner of agricultural products for eight consecutive years. In Q1, China's agricultural product imports from ASEAN reached 52.65 billion yuan, up 13.8%, and exports to ASEAN reached 37.92 billion yuan, up 1.4%. The advantageous agricultural products of both sides have met each other's diversified needs. In March, China's mechanical and electrical product exports continued to maintain a high growth trend, with all key categories achieving YoY growth. Among them, general machinery equipment increased by 24.91% YoY, household appliances by 12.51%, and auto parts by 12.52%. Compared with the data from the first two months, the YoY growth rates of general machinery equipment, household appliances, and auto parts were -1.97%, 6.34%, and 0.56% respectively from January to February, indicating that the export growth of these three categories of goods accelerated significantly in March.

SMM

China's export volume in March increased by 13.5% YoY, with home appliances and auto parts accelerating their global expansion.

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