Xinhua News Agency, Beijing, May 3 (by reporter Zou Duowei): This year marks the 50th anniversary of the establishment of diplomatic relations between China and the European Union (EU). From USD 2.4 billion at the start of diplomatic ties to USD 780 billion today, China-EU bilateral trade has consistently grown and improved. According to customs statistics, in the first quarter of this year, China's trade with the European Union reached RMB 1.3 trillion, marking a year-on-year increase of 1.4%. This equates to over RMB 10 million worth of trade every minute.
In terms of different sectors, within the consumer goods sector, in the first quarter, 72% of China's imported luggage, 51.7% of passenger vehicles, and 42.2% of cosmetics were sourced from the EU. Meanwhile, China's exports to the EU in electronic appliances, garments and clothing accessories, and daily chemical products grew by 7.7%, 3%, and 16.1% year-on-year, respectively.
In the high-tech sector, in the first quarter, China imported 64 billion yuan worth of high-end equipment from the EU, reflecting a year-on-year increase of 30.4%, accounting for 32.9% of the total import value of similar products in China. Additionally, China's exports to the EU of industrial robots and high-end machine tools rose by 81.9% and 11.7%, respectively.
In the agricultural sector, in the first quarter, China's imports of beer and pork from the European Union (EU) increased by 25.7% and 17.5% year-on-year, respectively. Meanwhile, China's exports of aquatic products and dried and fresh fruits to the EU rose by 34.4% and 10.8%, respectively.
Wang Lingjun, Deputy Commissioner-General of the General Administration of Customs of China (GACC), stated that China and the European Union (EU) have highly complementary economies with deeply intertwined interests, making them each other's most important trading partners. Together, their combined economic output accounts for over one-third of the global economy. Both parties are strong advocates of economic globalization and trade liberalization, as well as steadfast supporters and defenders of the World Trade Organization (WTO). They share extensive common interests and vast potential for cooperation across many areas.
“Amid growing global economic instability and uncertainty, closer communication and collaboration between China and the EU will help safeguard free and open trade and investment, as well as ensure the stability and smooth functioning of global industrial and supply chains. This will bring greater stability and certainty to both sides and the global economy,” said Wang Lingjun.
Disclaimer：The above content is translated from Chinese version of Xinhua Net. The Xinhua Net version shall prevail.
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