Guangdong's foreign trade hit 8.3 trillion RMB in 2023
Guangdong province, the southern Chinese economic powerhouse, has just released its foreign trade statistics in 2023. The total value hit 8.3 trillion RMB, which is about 1.17 trillion U.S. dollars, marking a year-on-year increase of 0.3%.
This matters not only to China but also to the rest of the world. In 2023, Guangdong's foreign trade accounts for 19.9% of the country’s total import and export value, ranking first in China for 38 consecutive years. This position makes it the most important window for the country's international trade.
Significant role in global trade
The United Nations trade body said in December last year, global trade is set to contract by 5% in 2023. That was primarily due to weakened demand in developed nations and underperformance in developing nations. Against this headwind, Guangdong has miraculously managed to sustain a steady growth in foreign trade. Notably, Guangdong's trade with BRI countries stood strong at over 420 billion USD (3.04 trillion RMB). And trade with Latin American and African countries saw a 7.5% and 3.9% increase respectively.
The steady growth is driven by the consistent need and confidence for Guangdong's proud manufacturing. Mechanical and electrical products made up a huge part of the province’s export share. And with Guangdong boosting high-end manufacturing in recent years, the province's exports of electric cars, lithium batteries, and solar cells posted a combined growth of 33.7%.
Guangdong's prominent entrepreneurship also has a lot to do with the growth. Backed by the province's favorable business environment, the number of Guangdong's foreign trade enterprises has surpassed 130,000 in 2023. More than 80% of those are private enterprises, which contributed over 60% of Guangdong's total foreign trade value in 2023.
Guangdong's foreign trade expected to grow in 2024
It hasn't been easy for Guangdong to have achieved this in 2023. Looking ahead this year, forecasts are saying slower economic growth, uncertain global trade and unprecedented geopolitical tensions. But with its robust manufacturing sector, pivotal role in global trade, strong policy supports and a flourishing entrepreneurship, Guangdong is poised to continue its impressive performance in foreign trade throughout 2024.
Source | SFC
