Photo: the Guangdong Sub-administration of GACC
According to the Guangdong Sub-administration of GACC, Guangdong’s foreign trade reached 7.52 trillion yuan from January to October, marking a 10.6% year-on-year increase and accounting for 20.9% of China’s total trade, which grew 5.2% nationwide. Exports totaled 4.88 trillion yuan, up 8.8%, while imports reached 2.64 trillion yuan, a 14.1% increase, resulting in a trade surplus of 2.24 trillion yuan, an expansion of 3.2%.
Strong performance in general trade and bonded logistics
The province’s general trade—covering the import and export of goods for direct domestic or overseas use—grew 11.6%, totaling 4.37 trillion yuan and comprising 58.2% of Guangdong’s total trade. Bonded logistics, used for goods in transit, also saw rapid growth, up 24% to 1.45 trillion yuan, reflecting Guangdong’s role as a logistics hub. Processing trade, involving imported raw materials transformed and exported, recorded 1% growth, totaling 1.61 trillion yuan and accounting for 21.5% of the province’s trade.
Private enterprises lead the way
Private enterprises were the backbone of Guangdong’s trade growth, contributing 4.79 trillion yuan, a 16.6% increase from last year. These companies now represent 63.7% of the province’s total trade, an increase of 3.3 percentage points. Foreign-invested firms saw a modest 1.6% rise, contributing 2.34 trillion yuan, while state-owned enterprises experienced a slight decrease of 0.3%, totaling 369 billion yuan.
Growth in trade with key partners
Guangdong’s top five trading partners—ASEAN, Hong Kong, the United States, the European Union, and Taiwan—each recorded positive growth, accounting for nearly 60% of the province’s total foreign trade. Trade with ASEAN rose 8.9%, Hong Kong surged by 12.9%, the U.S. climbed by 7.2%, the EU by 6.2%, and Taiwan by 17.7%. Trade with Belt and Road Initiative participating countries saw an overall increase of 9.2%, totaling 2.73 trillion yuan, or 36.4% of the province’s total.
Electro-mechanical exports and electric vehicles drive growth
Exports of electro-mechanical products, including electronics and machinery, led the way, rising 9% to 3.19 trillion yuan and comprising 65.4% of Guangdong’s total exports. Notable growth was seen in exports of automatic data processing equipment (up 14.9%), home appliances (up 15.4%), and integrated circuits (up 18.8%). Specific sectors boomed, with container exports soaring by 147.3%, ships by 54.8%, and electric vehicles by 49.3%. Meanwhile, labor-intensive product exports, such as textiles and furniture, dipped by 0.2%.
Rising Demand for High-Tech Imports
Guangdong’s imports of electro-mechanical products, a major segment of its trade, surged 20.3% to 1.75 trillion yuan, or 66.6% of the province’s total imports. Integrated circuits, a crucial import for the province, increased by 16.6% to over 915.5 billion yuan. Imports of data processing equipment rose sharply by 138.8%, while semiconductor manufacturing equipment imports increased by 62%. Demand for energy imports remained high, with coal, crude oil, and natural gas totaling 83.5 million tons, an increase of 26.8% by volume and valued at 109.9 billion yuan, a 6.9% increase.
Reporter: Zeng Xiangxing
Editor: Nan, Will, James, Shen He
