China Reports 19.2% Jump in Exports in First 2 Months

China's exports rose 19.2 percent to 4.62 trillion yuan (US$670 billion) in the first two months, while imports rose 17.1 percent to 3.11 trillion, the General Administration of Customs reported on Tuesday.

Wang Qing, an analyst at Orient Golden Credit Rating International Co Ltd, said the current global artificial intelligence investment wave has driven a surge in trade volume of the semiconductor industry chain.

"Coupled with the overall strong external demand, it will continue to provide important support for China's exports," Wang said.

The customs data showed that China exported 2.89 trillion yuan worth of mechanical and electrical products, up 24.3 percent year over year, while its imports also advanced 21.3 percent to 1.21 trillion yuan.

The ASEAN (Association of Southeast Asian Nations) continued to top the list as China's largest trading partner, with a trading volume of 1.24 trillion yuan in the first two months, up 20.3 percent.

China's trade with the EU reached 998.94 billion yuan, up 19.9 percent, while trade with the US stood at 609.71 billion yuan, down 16.9 percent.

China imported 97 million tons of crude oil during the first two months, up 15.8 percent.

China's imports and exports with countries participating in the Belt and Road Initiative amounted to 4.02 trillion yuan, an increase of 20 percent.