According to customs statistics, in the first quarter of this year, my country's import and export of goods trade was 11.84 trillion yuan, a year-on-year increase of 15%. Among them, imports were 4.99 trillion yuan, an increase of 19.6%, and the growth rate accelerated significantly. What are the highlights of import growth? What are your expectations for the subsequent import trend?

At a press conference held by the Information Office of the State Council on April 14, Wang Jun, deputy director of the General Administration of Customs, said that China has always taken the initiative to open up ultra-large markets, actively expand imports, strengthen win-win industrial cooperation, and allow countries to better share "China Opportunities." This year's government work report clearly stated the need to "actively expand imports and promote balanced trade development." Customs statistics show that my country's imports increased by nearly 20%, 7.7 percentage points higher than exports, and the import scale hit a record high in the same period in history.

In terms of origin, in the first quarter, my country's imports from more than 150 countries and regions increased. There were 51 countries and regions with import volumes exceeding 10 billion yuan, an increase of 3 over the same period last year. Major sources such as ASEAN and the European Union accounted for 14.8% and 9.1% of the total value of imports respectively. The growth rate of imports from Central Asia and Latin America was higher than the overall growth rate, and imports from Africa increased by 14.6%.

From the perspective of products, industrial production continues to accelerate, driving the growth of raw material imports. In the first quarter, imports of energy products, metallic ores, etc. increased by 9.4%, and the import value of textile raw materials, computer parts, electronic components, etc. increased by 39.3%, 45.3% and 37.9% respectively. The effects of consumption-promoting policies continue to show, with the long Spring Festival holiday having an obvious driving effect, and imports of consumer goods rebounded. In the first quarter, imports of consumer goods increased by 5.4%, enriching market supply. Imports of consumer goods such as clothing, shoes and hats, food, tobacco, alcohol, and cosmetics increased by 8.7%, 8% and 4.9% respectively.

Wang Jun said that China is not only willing to be a "world factory," but also willing to be a "world market." China continues to expand its independent opening up. Starting from December 1, 2024, it will grant zero-tariff treatment for 100% of tax items and products to least developed countries that have established diplomatic relations with China. Starting from May 1 this year, zero-tariff measures will be fully implemented for 53 African countries with diplomatic relations, so that high-quality products from these countries can share the China market.

Source: International Business Daily

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