(AsianFin)—China's total import and export of goods expanded 5% year on year in yuan terms in the first quarter of 2024, setting new records in both absolute value and growth rate, official data showed Friday. In the first three months, the country's foreign trade in goods stood at 10.17 trillion yuan (about US$ 1.43 trillion), according to the General Administration of Customs (GAC). Exports from the world's second-biggest economy grew 4.9% year on year to 5.74 trillion yuan, while imports rose 5% to 4.43 trillion yuan, the data showed. In the first quarter of 2024, for the first time, the country's foreign trade value has exceeded 10 trillion yuan during the same period, while the growth rate has hit a six-quarter high, GAC deputy head Wang Lingjun told a press conference.