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Guangdong flips foreign trade to positive column

Updated: Sep 15, 2023 By ZHENG CAIXIONG Print
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A vessel departed from a container terminal at Nansha Port in Guangzhou, Guangdong province, and headed for Brazil on Sept 4. It was loaded with Chinese goods, including automobiles, engineering machinery and home appliances. [Photo provided to]

Ships, electric passenger vehicles, lithium batteries and solar cells have now become driving forces in Guangdong province's foreign trade, which turned from negative to positive in the first eight months of this year.

According to a statement released by Guangdong Customs on Friday, the export of ships increased 56 percent year-on-year, while its exports of electric passenger vehicles, lithium batteries and solar cells increased by a factor of 5.1 — 23.3 percent and 35.5 percent, respectively — from January to August.

Guangdong's exports of integrated circuits also grew year-on-year, and 28.6 percent in the first eight months, the statement said.

Meanwhile, Guangdong, China's biggest foreign trader, witnessed major year-on-year growth in imports of daily living products and important raw production materials between January and August.

Customs reported that Guangdong's agricultural product imports reached 154.79 billion yuan ($22 billion) in the eight months ending in August, up 10.9 percent year-on-year. Of those products, imports of meats increased year-on-year by 13.9 percent, aquatic products by 14.5 percent and grains by 7.1 percent.

The province's imports of iron ore, coal and crude oil enjoyed year-on-year growth of 23.5 percent, 62.5 percent and 16.1 percent, respectively from January to August.

The export growth of ships and new energy products and the rapid increase of livelihood goods and raw production materials imports have helped Guangdong achieve an import and export volume of more than 5.29 trillion yuan in the first eight months, up year-on-year 0.2 percent and realizing positive growth this year.

Guangdong sold products abroad valued at more than 3.49 trillion yuan, up 4.3 percent year-on-year, as it purchased products valued at 1.9 trillion yuan from around the world, a year-on-year reduction of 7 percent, in the first eight months.

In August alone, Guangdong, which relies heavily on foreign trade to maintain its rapid economic growth, reached a foreign trade volume of 744.69 billion yuan, up 10.2 percent year-on-year and demonstrating the province's strong foreign trade recovery.

The province recorded positive growth in both exports and imports in the previous month.

Guangdong's foreign trade growth demonstrates the significant results achieved in its expansion in emerging markets in recent months.

In addition to the Association of Southeast Asian Nations, which saw a year-on-year growth of 3.1 percent and continued to maintain its position as Guangdong's largest trading partner, the province's foreign trade with countries involved in China's Belt and Road Initiative increased by 3.7 percent year-on-year, Latin America by 11.5 percent, Middle East by 9.3 percent and Africa by 14.2 percent.

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