BEIJING — China reported a current account surplus in the first quarter, mainly driven by strong external demands for goods.

The surplus in the current account stood at $58.6 billion in the January-March period, up from $54.6 billion in the previous quarter, data from the State Administration of Foreign Exchange (SAFE) showed.

Goods trade posted a surplus of $94.5 billion while service trade reported a deficit of $63.4 billion.

“China’s international balance of payments has maintained a basic equilibrium, and the foundation for further balance remains solid,” noted Wang Chunying, SAFE spokesperson and chief economist.

China has taken steps to improve its trade in services, including gradually opening up its finance, education, culture and medical sectors.

The data also showed stable cross-border capital inflows in the first quarter. China’s financial account saw a deficit of $30 million while direct investment posted a surplus of $21.4 billion.