January-February Shenzhen's foreign trade up 45%

Shenzhen's foreign trade has increased sharply year on year in the first two months of this year, driven by a robust private economy, according to customs statistics released yesterday.

The city’s export and import growth in the January-February period surged 45% from a year ago to reach 675.18 billion yuan (US$93.78 billion), an all-time high that places Shenzhen in first place among major cities in the country.

From January to February this year, Shenzhen’s exports amounted to 441.44 billion yuan, an increase of 53.1%, while imports reached 233.74 billion yuan, up by 31.9%, according to customs data.

Shenzhen’s private sector, one of the most dynamic in major Chinese cities, has played an important role in driving the city’s foreign trade, with exports and imports by private firms expanding 72.4% in the first two months of the year to reach 483.6 billion yuan and accounting for 71.6% of Shenzhen’s total import and export value.

As one of the cities in the country with the most developed private economy and the highest concentration of private firms, Shenzhen is home to a long list of renowned private firms such as Huawei, Tencent, BYD, DJI, and Kingdee. The city also boasts numerous small and medium-sized private firms in various industries, with many excelling in their respective fields.

Meanwhile, foreign-funded firms’ imports and exports rose 1.8% year on year during the period to 159.18 billion yuan, accounting for 23.6% of the city’s total. State-owned firms saw their foreign trade increase 12% to 31.46 billion yuan.

The customs agency publishes combined January and February trade data to smooth out distortions caused by the shifting date of the Lunar New Year, which fell in February this year.

Shenzhen also maintained growth in imports and exports with its top 10 trading partners and saw substantial growth in imports and exports with countries participating in the Belt and Road Initiative (BRI).

The Association of Southeast Asian Nations (ASEAN) became Shenzhen’s largest trading partner during the first two months, with imports and exports reaching 106.92 billion yuan, an increase of 58.1% year on year.

Shenzhen’s imports and exports with South Korea, Japan, India, Australia, and Chile grew by 62.6%, 40.4%, 65.1%, 109.9%, and 3.5%, respectively. The combined imports and exports with the top 10 trading partners accounted for 73.9% of the city’s total.

During the January-February period, imports and exports to countries participating in the BRI reached 249.06 billion yuan, up 57.8% year on year.

Exports of both mechanical and labor-intensive products showed growth momentum, with consumer electronics products showing particularly rapid growth. Shenzhen’s exports of mechanical and electrical products reached 295.5 billion yuan during the first two months, a 30.2% increase year on year, accounting for 66.9% of the city’s total exports.