China's total import and export dropped 20.9% year on year to US$162.02 billion in March of this year, according to statistics from the customs. Of this, the export was US$90.29 billion, down 17.1%, and the import, US$71.73 billion, down 25.1%, presenting a trade surplus of US$18.56 billion, jumping 41.2%.

Due to slowdown in the year on year dropping rate in March, China's import and export stopped the downward trend turning to a steady level in the first quarter of this year. In the January-March period, China's total import and export was US$428.74 billion down 24.9% year on year, which was 2.3 percentage points smaller than the dropping rate in the first two month. Included was US$245.54 billion of export, down 19.7%, and US$183.2 billion, of import down 30.9%, with accumulative trade surplus of US$62.34 billion, an increase of 53.3%.

Following are the main features of China's import and export in March:

1. Monthly decline rate narrowed, while month on month growing momentum remained strong.

In March, China's total value of import and export, export and import dropped 20.9%, 17.1% and 25.1% year on year respectively, which were 6.3, 4.0 and 9.1 percentage points less than the decline rate in the first two months. Based on average monthly working days, comparing the month on month growth in March this year, which had 22 working days with February which had 21 working days, the country's total import and export increased 23.8%, of which the export went up 32.8% and that import up 14%.

2. The dropping rate of import and export by general trade was slower than that by processing trade, and the export achieved more than 50% growth month on month.

In March, China's import and export by general trade was US$78.73 billion, down 18.2% year on year, which was 6.2 percentage points slower than the drop by processing trade, and accounting for 48.6% of the country's total import and export. Of this, the export was US$40.27 billion, down 14.2% year on year, and accounting for 44.6% of the total export of the country, and the import, US$38.46 billion, down 22% year on year, and accounting for 53.6% of the total. The trade surplus under the general trade was US$1.81 billion in March, which was in deficit of US$2.38 billion in the same period last year. Comparing with February, the import and export, export and import by general trade increased 31.5%, 50.5% and 16.2% respectively.

3. Trade surplus under processing trade reduced year on year, while the import and export achieved rapid growth month on month.

In March, China's import and export in processing trade amounted to US65.93 billion, down 24.4% year on year, and accounting for 40.7% of the total import and export in the period. Of this, the export was US$43.62 billion, down 22% year on year, and accounting for 48.3% of the total export of the country, and the import, US$22.31 billion, down 28.9% year on year, 31.1% of the country's total, posing a trade surplus under processing trade of US$21.31 billion, down 13.1% year on year. Comparing with February, the import and export, export and import by processing trade increased 17.3%, 20.4% and 11.6% in March respectively.

4. Foreign-invested enterprises played a leading role in China's foreign trade, while collective and private companies and other types of enterprises made bigger contribution to the total foreign trade.

In March, import and export of foreign-invested enterprises was US$89.9 billion, down 22.5% year on year, but up 18.7% month on month, and accounting for 55.5% of the country's total import and export in the period. Of this, the export was US$51.15 billion, down 20.5% year on year, but up 25.4% month on month, and accounting for 56.7% of the total export of the country in the period; and the export was US$38.75 billion, down 25% year on year, but up 10.8% month on month, 54% of the country's total.

At the same time, import and export of state-owned enterprises was US$34.93 billion, down 29.3% year on year, but up 19.2% month on month, and accounting for 21.6% of the country's total import and export. Included was US$14.16 billion of export, down 25.7% year on year, but up 19.2% month on month, and accounting for 15.7% of the national total; and import, US$20.77 billion, down 31.6% year on year, but up 18.4% month on month, and 29% of the country's total.

Import and export of collective and private enterprises and other types was US$37.14 billion, down 4.9% year on year, which was 16 percentage points smaller than the dropping rate of China's total import and export, but up 44.4% month on month, and accounting for 22.9% of the country's total, up 3.8 percentage points over the same period last year. Of this, the export was US$24.9 billion, down 2.5% year on year, but up 62.5% month on month, and accounting for 27.6% of the total export of the country in the period; and the import, US$12.24 billion, down 9.3% year on year, but up 17.8% month on month, and accounting for 17.1% of the total of the country.

5. Bilateral trade with the three major trade partners of the EU, the United States and Japan presented better performance than the overall.

In March, the bilateral trade between China and the EU, the United States and Japan presented better performance than the general trade, with the year on year drop rate 1.6, 8.3 and 0.4 percentage points smaller than the decline of the country's total import and export. The EU still maintained the first position of trade partner with China with the bilateral trade value totalling US$26.45 billion, down 19.3% year on year, but up 21.2% month on month, and accounting for 16.3% of China's total import and export. Of this, the export to the EU was US$17.21 billion, down 20.2% year on year, but up 27.8% month on month, and the import from the EU was US$9.24 billion, down 17.4% year on year, but up 10.5% month on month, leaving a trade surplus of US$7.97 billion, down 23.3% year on year. The United States was the second trade partner of China with the two-way trade of US$22.65 billion, down 12.6% year on year, but up 25.8% month on month, and accounting for 14.5% of the country's total import and export. Of this, the export to the United States was US$16.45 billion, down 12.6% year on year, but up 33.3% month on month, and the import from the States was US$6.2 billion, down 12.7% year on year, but up 9.3% month on month. The trade surplus between the two countries was US$10.25 billion, down 12.5% year on year. Japan was the third biggest trade partner of China with the bilateral trade totalling US$17.52 billion, down 20.5% year on year, but up 19.1% month on month, including US$8.04 billion of export to Japan, down 13.6% year on year but up 36.7% month on month, and US$9.48 billion of import from Japan, down 25.5% year on year but up 7.3% month on month, with trade deficit of US$1.44 billion, down 57.9% year on year.

At the same time, the total import and export between China and ASEAN was US$15.4 billion, down 22% year on year, but up 26.7% month on month; and the import and export between China's mainland and Hong Kong amounted US$13.52 billion, down 23% year on year, but up 25.3% month on month.

6. Export of some labour-intensive products encouraged by the policy adjustment achieved upward turn.

Stimulated by the several adjustments raising the export rebates on certain labour-intensive products by the government, some labour-intensive products demonstrated an upward turn in export in March. Export of garment and clothing accessories was US$7.43 billion in March, up 9.9% year on year but surging 72.6% month on month; export of furniture was US$2.23 billion, up 1.3% year on year, but up 78.1% month on month; shoes, US$2.08 billion, up 7.7% year on year, but up 42.6% month on month; and suitcase and bags, US$980 million, up 11.7% year on year and 90.7% month on month.

In March, China's export of mechanic and electrical products was US$53.76 billion, down 18.8% year on year but up 25.6% month on month. Export of grain was 280,000 tons, down 49.8% year on year and 7.8% month on month; fertilizer, 420,000 tons, down 72% year on year and 59.5% month on month; and steel products, 1.67 million tons, down 59.5% year on year, but up 2.2% month on month.

7.Import of iron ore, soybean and coal rebound.

In March, China's import of primary products was US$19.37 billion, down 36.5% year on year, but up 21% month on month, and accounting for 27% of the country's total import. Of this, import of iron ore was 52.08 million tons, up 46.2% year on year and 6.2% month on month, with average import price standing at US$80.6/ton, down 38.6% year on year, but up 0.7% month on month; crude oil, 16.34 million tons, down 5.5% year on year, but up 33% month on month, with the average price of US$306.8/ton, down 54.9% year on year and 1.4% month on month; oil products, 3.20 million tons, up 2.1% year on year, but down 9.6% month on month, with the average price of US$341.5/ton, down 49.2% year on year and 1.1% month on month; and soybean, 3.86 million tons, up 66.6% year on year and 13% month on month, with the average price of US$396.7/ton, down 33.1% year on year and 0.7% month on month. Import of coal was 5.72 million tons, up 37.4% year on year and 11.9% month on month.

At the same time, the import of industrial products was US$52.35 billion, down 19.6% year on year, but up 18.8% month on month. Of this, import of mechanic and electrical products was US$35.78 billion, down 20.5% year on year, but up 13.5% month on month; chemical products and such products, US$8.38 billion, down 17.8% year on year, but up 18.4% month on month; motor vehicle, 23,000, down 42.8% year on year, but up 7.8% month and month; and steel products, 1.27 million tons, down 15.3% year on year, but up 11.2% month on month.   

Hai Tong