Shenzhen saw its foreign trade volume edge up 41.8 percent year on year to 491 billion yuan (US$75.14 billion) in the first two months this year, Shenzhen Customs said.
The export volume increased by 57.7 percent to 279 billion yuan in January and February, while the import volume jumped 25.1 percent to around 212.4 billion yuan during the period, according to customs.
The increase in foreign trade was attributed to the American and European market demand recovery and the “stay put” policy for the Spring Festival holiday that enabled manufacturers to restart production soon after the holiday, experts noted.
The increasing demand in the domestic markets also helped import businesses thrive. In the first two months of this year, both the prices and quantities of imported goods increased, showing domestic demand recovery. Shenzhen Customs estimates this year’s imports will remain at a high level. In January and February, the imports of electronic components, LCDs and semiconductor equipment reached 107.3 billion yuan, up by 29.3 percent year on year and drove the import growth of the whole city by 14.3 percent.
The exports of COVID-19 prevention materials, electronic appliances and products kept strong momentum. The export of mechanical and electrical products reached 222 billion yuan in January and February, up by 62.6 percent, contributing 83.7 percent to the city’s total exports. Exports of computer spare parts, mobile phones and household appliances took up 30 percent among mechanical and electrical products.
The proportions of high-tech products, which mainly include mechanical and electrical products, in the city’s exports remained high, indicating the structure of the city’s export products has been continuously optimized and showing the advantages of the city’s high-tech products in the international market, customs said.