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Data Explorer | Guangdong's foreign trade soars by 13.6% in the first five months in 2024

Guangdong's foreign trade soared to 3.59 trillion RMB in the first five months of this year, marking a 13.6% increase compared to the same period last year, according to data released by the Guangdong Sub-Administration of the GACC on June 13. The growth rate is 7.3 percentage points higher than the national average. 

Specifically, exports amounted to 2.33 trillion RMB, a 10.7% increase, while imports reached 1.26 trillion RMB, a significant 19.2% increase. Notably, the export of mechanical and electrical products showed robust growth and strong performance.

Guangdong's trade with its major trading partners has all seen positive growth. In the first five months, Guangdong's top five trading partners were ASEAN, Hong Kong SAR, the United States, the European Union (EU), and China's Taiwan Province. Trade with these partners increased by 11.5%, 17.1%, 10%, 5.9%, and 20.2% respectively. 

During the same period, trade with the Belt and Road Initiative (BRI) partner countries reached 1.34 trillion RMB, an 11.1% increase, while trade with other participating countries of the Regional Comprehensive Economic Partnership (RCEP) reached 1.02 trillion RMB, a 12.3% increase.

The proportion of imports and exports by private enterprises in Guangdong has increased. In the first five months, the import and export volume of private enterprises in Guangdong reached 2.29 trillion RMB, a 20.4% increase, accounting for 63.7% of Guangdong's total import and export, an increase of 3.6 percentage points year on year. 

Meanwhile, the import and export volume of foreign-invested enterprises reached 1.11 trillion RMB, a 3% increase, accounting for 30.9% of the province's total import and export; and the import and export of state-owned enterprises reached 183.98 billion RMB, a 3.6% increase, accounting for 5.1%.

Mechanical and electrical products constituted over 60% of Guangdong's exports, with rapid growth seen in major export products such as automatic data processing equipment and related components. Container and ship exports also showed rapid rise. In the first five months, the export of mechanical and electrical products from Guangdong increased by 8.6%, which was 64.6% of Guangdong's total exports.

Since the beginning of this year, China's domestic commodity market has shown a strong recovery, with imports of commodities such as copper, aluminum, and tin maintaining a strong momentum, injecting new vitality into the domestic economy. Statistics show that imports of mechanical and electrical products, as well as energy products in Guangdong, have both increased by over 20%. In the first five months, imports of mechanical and electrical products in Guangdong increased by 26.4%, contributing 63.6% of Guangdong's total imports.

Reporter: Hannah

Poster : Hannah, Lulu

Editor: Olivia, Nan, Monica, James

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