On March 12th, statistical data obtained from the Guangdong Branch of the General Administration of Customs showed that Guangdong Province has had significant growth in foreign trade in January and February totaling 1.03 trillion RMB. This represents an increase of 17.4% over the same period last year, and accounts for 22.8% of the total value of China’s imports and exports. 16 cities achieved positive growth, of which Shenzhen's imports and exports amounted to 452.89 billion RMB, representing an increase of 35.5%.
In January and February, Guangdong's general trade imports and exports amounted to 491.65 billion RMB, representing an increase of 23.2%, and accounting for 47.8% of Guangdong's imports and exports. In terms of foreign trade, this represents an increase of 2.3% over the same period last year. Exports reached 298.2 billion RMB, representing an increase of 26.6%. In addition, imports and exports in the cross-border e-commerce sector included in customs statistics was 4.02 billion RMB, representing an increase of 14.8%, and market procurement exports were 39.03 billion RMB.
Private enterprises rapidly develop and maintain their position of being the largest business entity. A growth trend towards the main trading partners has remained steady and the import and export growth rate towards countries along the “One Belt One Road Initiative” is higher than the overall rate. Electromechanical products are the main products exported, and exports of traditional labor-intensive products reversed previous negative growth.
According to analysis by customs officials, overall, Guangdong's imports and exports in foreign trade sustained a good momentum of growth from January to February. Based on comprehensive judgment, it is expected that the growth rate of imports and exports in Guangdong Province in the first quarter of this year will come down somewhat, and the growth rate of imports will rebound.