Guangdong logs strong import growth in first half

Guangdong's imports of electromechanical and energy products maintained double-digit growth since the beginning of the year, indicating a strong economic rebound and high domestic demand.

According to a statement released by Guangdong Customs on Wednesday, the province's imports of mechanical and electrical products increased by 23.6 percent year-on-year in the first half of 2024, accounting for 64.2 percent of the province's total import value.

Imported integrated circuits were valued at 527 billion yuan ($73.2 billion), a year-on-year increase of 21.3 percent, while automatic data processing equipment and components amounted to about 105.6 billion yuan, up year-on-year by 6.9 percent.

Imports of semiconductor manufacturing equipment reached 29.5 billion yuan, a year-on-year growth multiple of 2.4, the statement said.

At the same time, Guangdong's imports of energy products, including coal, crude oil and natural gas, totaled 49.6 million metric tons and was valued at nearly 68.9 billion yuan from January to June, up year-on-year 38.9 percent and 17.6 percent, respectively, it said.

Guangdong, China's biggest foreign trader, maintained strong momentum with major trading partners between January and June.

Its foreign trade volume also grew year-on-year with the Association of Southeast Asian Nations (12.3 percent), Hong Kong (16.9 percent), the United States (10.6 percent), the European Union (7.1 percent) and Taiwan (17.2 percent), in the first six months.

ASEAN, Hong Kong, the United States, the EU and Taiwan were the top five trading partners of Guangdong.

Guangdong's import and export volume with countries involved in the Belt and Road Initiative reached 1.64 trillion yuan in the first two quarters, up 12 percent, while its foreign trade volume with the Regional Comprehensive Economic Partnership (RCEP) member countries amounted to 1.24 trillion yuan, a year-on-year growth of 12.5 percent, the statement said.

Guangdong reached a foreign trade volume of 4.37 trillion yuan in the first six months, up year-on-year by 13.8 percent, which is 7.7 percentage points higher than the country's average.

The province's import and export volume represented 20.6 percent of the country's total in the first six months.

Guangdong, which relies heavily on its foreign trade development for overall sustainable economic growth, imported products valued at 1.52 trillion yuan from January to June, up 17.1 percent year-on-year, while it sold commodities valued at 2.85 trillion yuan abroad, up 12.1 percent year-on-year, the statement said.

Meanwhile the Guangdong-Hong Kong-Macao Greater Bay Area, which includes nine Guangdong cities plus Hong Kong and Macao, reached a record high foreign trade volume of 4.2 trillion yuan in the first half of the year, up by 14.1 percent year-on-year and representing 19.8 percent of China's total.