Guangdong exports soar in wake of BRI

Despite sluggish external market demand, Guangdong's exports hit a record high of more than 2.55 trillion yuan ($360 billion) in the first half of the year, up year-on-year by 3.6 percent, Guangdong Customs revealed on Wednesday.

It is the first time the province, the country's biggest foreign trader, reached more than 2.5 trillion yuan in export volume in six months, a statement from Guangdong Customs said.

The good export performance has helped Guangdong, a major production base for the world, achieve a foreign trade volume of 3.86 trillion yuan from January to June, a year-on-year reduction of 1.3 percent. The province recorded an import volume of 1.31 trillion yuan, down year-on-year by 9.6 percent.

Guangdong's continuous growth of exports was achieved thanks to the rapid increase of exports to the countries related to China's Belt and Road Initiative since the beginning of the year.

According to Customs, Guangdong's exports to BRI-related countries saw a year-on-year growth of 7.4 percent in the six months ending in June, 8.7 percentage points higher than the province's overall growth rate.

Guangdong's exports to Russia, Latin American countries, Mideast countries and Central Asia countries witnessed a year-on-year increase of 64 percent, 11.9 percent, 9.2 percent and 48.4 percent respectively between January and June, the statement said.

Meanwhile Guangdong's foreign trade volume with the Association of Southeast Asian Nations came to 639.16 billion from January to June, up year-on-year by 3.6 percent, representing 16.6 percent of the province's total foreign trade volume, according to Customs.

The province's import and export volume with the European Union and United States however saw a year-on-year reduction of 0.6 percent and 7.6 percent, respectively, to hit 469.38 billion yuan and 461.18 billion, accounting for 12.2 and 12 percent of the province's total foreign trade volume in the period.

ASEAN, the EU and the US, plus China's Hong Kong Special Administrative Region and Taiwan island are typically the top trade partners of Guangdong.

Guangdong's exports of electric passenger vehicles, lithium batteries and solar cells increased sevenfold — 27.7 percent and 57 percent respectively from January to June, it said.

Guangdong's exports of agricultural products also saw year-on-year export growth of 23 percent in the previous six months. Of that, exports of dried and fresh fruits and vegetables increased by 56.1 percent and 8.3 percent, year-on-year.

Guangdong's imports of bulk commodities, including crude oil, natural gas, metal ore sands and coals, continues to witness big growth because of strong domestic demand this year.

Meanwhile Guangdong's jewelry imports increased more than tenfold in the first half of the year, while its imports of meat, aquatic products and dairy products increased by 25.4 percent, 23.1 percent and 10.1 percent respectively, according to Customs.