Guangdong's foreign trade has gotten off to a good start from January to February this year, with an upbeat trend to follow in the first quarter of 2024.
According to the statistics released by the Guangdong Sub-Administration of the GACC, the province's foreign trade stood at 1.35 trillion RMB in the first two months of 2024, up 24.9 percent year-on-year.
Following the stable growth momentum from last year, exports grew 26.8 percent year-on-year to 885.94 billion RMB, while imports rose 21.5 percent from the same period of 2024 to 462.4 billion RMB.
Data also revealed a surge in Guangdong's imports and exports to the United States, the Association of Southeast Asian Nations (ASEAN), and the European Union (EU). The province's trade with the US, ASEAN, and EU rose 32.3 percent, 17.3 percent, and 12.1 percent year-on-year, respectively.
Trade between Guangdong and Belt and Road partner countries increased to 515.33 billion RMB in the first two months, up 23.1 percent year-on-year, amounting to 38.2 percent of the province's total foreign trade volume.
Other highlights of Guangdong's trade in goods during the January-February period include a double-digit increase in exports of machinery and electronic products, accounting for nearly 63.8 percent of the province's total exports during the period.
Specifically, the export value of integrated circuits, audiovisual equipment, home appliances, and automatic data processing equipment surged 51.1 percent, 29.4 percent, 29 percent, and 18.2 percent, respectively.
Private enterprises have become important contributors to the province's foreign trade growth. During the period, the import and export volume of private enterprises reached 859.77 billion RMB, accounting for 63.8 percent of the province's total foreign trade volume.
Reporter | Fanny
Poster | Lu Lu
Editor | Olivia, Nan, Abby, James
