Guangdong continues to witness upward momentum in its foreign trade

For a long time, Guangdong's economy is characterized by its flourishing foreign trade. In recent years, the province's foreign trade volume has accounted for over 60% of its GDP. Its annual import and export has hit a new record with a toal value exceeding 8 trillion RMB in the past five years, ranking first in the country for 37 consecutive years.

[Poster]

The province's foreign trade has continued to show upward momentum. In the first 11 months of the year, the total value of the province's foreign trade reached 7.52 trillion RMB. In this period, the province’s export totaled 4.94 trillion RMB, up by 2% year-on-year, according to the latest statistics released by the Guangdong Sub-administration of GACC.

Guangdong has strengthened trade partnerships with not only the largest economies in the world but also emerging markets such as Latin America countries, Middle Eastern countries, African countries, and Belt and Road Initiative (BRI) partner countries.

Other highlights of Guangdong's foreign trade during the first 11 month of 2023 include the export of electric vehicles, which grew 3.1 times compared to the same period last year, and the continuous growth of export of lithium batteries, solar cells, integrated circuits, and ships, which increased by 18.1%, 27.5%, 24.4%, and 47% respectively.

In addition, the province showed an increasing demand for import of agricultural products and commodities. From January to November, the province imported agricultural products with a total value of 202.56 billion RMB, up 4.8%. Other than agricultural goods, its import of metallic mineral ore, coal, and crude oil increased by 21.9%, 27.3%, and 28.1% respectively in the same period.

The province put out a series of plans to boost foreign trade. For example, under the encouragement of local authorities, enterprises chartered flights to procure overseas orders. And the Canton Fair offered them an international platform for global supply chain. Guangzhou also plans to build the world's first comprehensive infrastructure for cross-border e-commerce industry. It will provide enterprises with easy access to resources in this field from around the globe.

Reporter | Nancy Ye

Poster | Lulu

Editors | Olivia, Nan, Abby, James