Shenzhen Government Online
City’s foreign trade expands 8.1% to reach ¥2.37T in first 8 months
From: Shenzhen Daily
Updated: 2023-09-19 09:09

The city’s foreign trade reached 2.37 trillion yuan (US$325 billion) in the first eight months of this year, an increase of 8.1% year on year, data from Shenzhen Customs showed yesterday.

Exports rose by 19.4% to reach 1.5 trillion yuan, while imports totaled 872.66 billion yuan. In August alone, Shenzhen’s total imports and exports were valued at 364.56 billion yuan, up 29.4% year on year. Of the total, exports grew 48.1% to reach 243.11 billion yuan, while imports were 121.45 billion yuan, up 3.3%.

In the past eight months, general trade accounted for more than half of the total foreign trade and grew the fastest, standing at 1.27 trillion yuan, a year-on-year increase of 14.2%.

Private enterprises were the main driving force behind the growth of foreign trade. They contributed 1.55 trillion yuan, or 65.3%, to the city’s total foreign trade in the first eight months of this year and increased Shenzhen’s foreign trade by 9.5 percentage points. 

Meanwhile, foreign-invested enterprises and State-owned enterprises achieved imports and exports worth 680.52 billion yuan and 140.31 billion yuan, respectively.

In the past eight months, Shenzhen’s trade with countries and regions other than Japan, South Korea and China’s Taiwan continued to grow. During that period, the city’s top trading partners were China’s Hong Kong, ASEAN, the European Union, and the United States, with imports and exports amounting to 365.68 billion yuan, 363.08 billion yuan, 267.78 billion yuan, and 264.71 billion yuan, respectively. The growth rates were 5%, 9%, 13.3%, and 13.4%, respectively. The total volume accounted for 53.2% of the city’s total overseas trade.

In addition, there was significant growth in trade with India, Australia, and the United Kingdom, with growth rates of 40.2%, 52.4%, and 24.3%, respectively. 

The value of imports and exports with countries involved in the Belt and Road Initiative reached 796.1 billion yuan, an increase of 13.8%, accounting for 33.6%. Foreign trade with RCEP (Regional Comprehensive Economic Partnership) member countries reached 626.55 billion yuan, an increase of 4.8%, accounting for 26.4%.

Exports of electromechanical products reached 1.09 trillion yuan during the same eight- month period, accounting for 73.1% of the city’s total exports and increasing by 11.8% year on year. 

In terms of imports, electromechanical products accounted for nearly 80%, with growth seen in importation of gold and agricultural products.