SCIO briefing on China's imports, exports in Q1 2025

Economic Herald:

This year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union. Could you provide an update on China-EU imports and exports in the first quarter? What is your outlook for trade between China and the EU? Thank you.

Wang Lingjun:

Thank you for your questions. China and the EU are each other's most important trading partners, with bilateral trade growing from $2.4 billion at the beginning of diplomatic relations to the current $780 billion. In the first quarter of this year, China's imports and exports with the EU reached 1.3 trillion yuan, up 1.4% and equivalent to over 10 million yuan in trade every minute.

The Chinese and European economies are highly complementary, with closely intertwined interests driving positive development in bilateral trade. Three key sectors highlight this trade relationship, starting with consumer goods. In the first quarter, 72% of bags and suitcases, 51.7% of passenger cars, and 42.2% of cosmetics imported by China came from the EU. Meanwhile, China's exports of electronics and electric appliances, clothing and apparel accessories, and daily chemical products to the EU increased by 7.7%, 3% and 16.1%, respectively. Looking at the high-tech sector, China imported 64 billion yuan of high-end equipment from the EU in the first quarter, up 30.4% and accounting for 32.9% of China's total imports in this category. Meanwhile, China's exports of industrial robots and high-end machine tools to the EU increased by 81.9% and 11.7%, respectively. Finally, in the agricultural sector, China's imports of beer and pork from the EU increased by 25.7% and 17.5%, respectively, in the first quarter. Meanwhile, China's exports of aquatic products and dried and fresh fruits to the EU rose 34.4% and 10.8%, respectively.

China and the EU together account for more than one-third of the global economy. Both advocate for economic globalization and trade liberalization and firmly support the World Trade Organization. The two sides share broad common interests and have enormous potential for cooperation in many areas. Amid increasing global economic instability and uncertainty, China and the EU are engaging in close communication and cooperation to jointly maintain free and open trade and investment while ensuring stable and smooth global industrial and supply chains. This cooperation will bring greater stability and certainty to both economies and the global market. Thank you.