China's foreign trade continues to rise in the first quarter of 2024

China's foreign trade continues to rise in the first quarter of 2024

China's exports fell significantly in the first quarter, while imports and exports increased by a total of 1.5 percent each compared to the same period last year. Trade relations with Russia also showed a positive development, with an increase of 2.6 percent in exports and 7.3 percent in imports.

A look back at 2023 reveals a significant decline of 4.6 percent in exports from the export-driven Chinese economy. At the same time, imports fell by 5.5 percent. The world's second-largest economy is aiming for a growth target of around five percent for 2024.

The current figures highlight the challenges facing China's economy, particularly in relation to foreign trade. Despite the slight increase in the first quarter, developments in the export sector remain a key issue for the government and the country's economic policy. How China continues to advance its economic efforts to achieve its 2024 growth target will be crucial.

Given the global economic dynamics and the multitude of factors affecting international trade, monitoring Chinese exports and imports will continue to be of great importance in the coming quarters. China's efforts to boost economic growth and strengthen trade ties with key partners such as Russia continue to be closely monitored.