​China's foreign trade data come in much stronger than expected

Aerial photo taken on Nov. 8, 2018 shows the container terminal of Port of Qingdao, east China's Shandong Province. [Photo:Xinhua]

China's foreign trade data for January was much stronger than expected, beating previous expectations and reversing the decline seen in December.

Experts suggest that the uptick in growth is a signal that the country's economy remains resilient despite growing external uncertainties.

Latest figures are suggesting China's trade in goods rose by nearly 9 percent year-on-year in January to 2.7 trillion yuan.

Exports rose by 14 percent, while imports grew by 3 percent.

The increase in exports was significantly higher than forecasts had anticipated.

It's suggested the surge was driven in part by exporters hurrying to ship orders ahead of the Spring Festival, which started at the beginning of February.

Trade with the European Union increased by 18 percent, and trade with ASEAN countries grew by 7.8 percent.

Exports to the United States were up by 2 percent, but imports tumbled by nearly 40 percent.

Professor John Gong from the University of International Business and Economics said he's surprised by the surge in trade with Europe.

"The figure concerning Europe really surprised me. Exports increased by 20 percent. That's a phenomenal number. And it's really surprising to me that we can make up the losses with the trade with the US by increasing these exports to other countries, especially in European Union countries and in Japan and south east-Asian countries."

Trade with countries along the Belt and Road registered faster-than-average growth and stood at over 770 billion yuan.

Economist Hong Junjie, also from the University of International Business and Economics, said there are plenty of trade opportunities along the route.

"Our Belt and Road Initiative has had notable achievements, and connections have been established with more countries. There's a great potential for trade, and the facilities are improving, so the Belt and Road will continue being a shining light in economic development."

Private enterprises played a bigger role than before in cross-border trade, accounting for over 40 percent of the total.

The sector saw its foreign trade rise by 17 percent for the year and reach 1.2 trillion yuan in January.

Li Kuiwen with the Statistics Department at the Customs Administration suggested the private sector has become a new growth driver in China.

"In January, the contribution made by private enterprises to foreign trade growth was more than 70 percent. This shows that the private sector has become a major driving force for economic growth. More private enterprises are producing high-tech and high value-added products thanks to independent innovation. They're exploring new competitive advantages for boosting exports."

Despite mounting external uncertainties, government officials believe that stable growth in trade will continue into 2019.

Authorities have also vowed to further cut taxes in a bid to boost domestic demand.

But meantime, some experts are warning that the downward pressure on imports will continue until the pro-growth policies take effect.