Trade between China and members of the Regional Comprehensive Economic Partnership (RCEP) witnessed steady growth since the trade agreement took effect at the beginning of the year, according to official data. China's trade with the other 14 member states expanded by 6.9 per cent year on year (YoY) to reach 2.86 trillion yuan ($448.6 billion) in the first quarter (Q1) of 2022. The trade with the RCEP member states accounted for 30.4 per cent of China's total foreign trade value, according to the General Administration of Customs (GAC).
Data showed exports and imports between China and RCEP members logged steady growth, increasing by 11.1 per cent and 3.2 per cent YoY respectively to 1.38 trillion yuan and 1.48 trillion yuan, a state-run news agency reported. In the first three months of this year, China's trade with South Korea and Japan each took up 20 per cent of the country's total trade volume with RCEP members. And exports and imports between China and multiple countries, including South Korea, Malaysia and New Zealand, registered double-digit YoY growth, GAC data showed.