Foreign trade in Nantong totals nearly $50b in 2023

Nantong Customs officers check the goods for exports. [Photo/Nantong Daily]

Foreign trade in Nantong, Jiangsu province exceeded 350 billion yuan ($48.90 billion) last year, ranking it fourth in the province.

The city's exports totaled 228.97 billion yuan, while imports amounted to 121.06 billion yuan during the same period.

While overall foreign trade in Nantong last year declined in the first half of the year, it saw a notable rise in the latter half. In December alone, the city's foreign trade set a record high over the past 15 months, reaching 33.52 billion yuan.

Nantong Customs officers check goods set for export. [Photo/Nantong Daily]

The city's imports and exports in both processing trade and bonded logistics experienced significant growth, with yearly increases of 12 percent and 6.2 percent, respectively, totaling 85.22 billion yuan and 19.27 billion yuan in 2023.

Nantong's trade with its four largest foreign partners – the EU, ASEAN, the US, and Japan – accounted for 49.6 percent of the total, while its trade with countries involved in the Belt and Road Initiative expanded by 5.9 percent year-on-year.

Private businesses played a key role in Nantong's foreign trade. As of the end of 2023, the city was home to 8,087 foreign trade enterprises, including 6,964 private businesses that traded 173.51 billion yuan with foreign countries and regions last year.