Shenzhen's Foreign Trade Booms 7.4% in Q1

By Billy Jiang, April 21, 2023

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On April 18, Shenzhen Customs announced that the city's foreign trade had a good start in the first quarter of the year. According to customs statistics, the total import and export value reached RMB796.76 billion in the first quarter, with a year-on-year increase of 7.4%. 

Shenzhen's import and export accounted for 43.3% of the total value of Guangdong Province's foreign trade, contributing 3.1 percentage points to the growth of the province's foreign trade, and becoming an important force in achieving positive growth in foreign trade for the entire province.

Foreign trade is an important support for the high-quality development of Shenzhen's economy and society.

Some bright spots in Shenzhen's import and export in the first quarter include:

  • General trade accounted for more than half of the import and export, reaching RMB411.51 billion in the first quarter. In addition, processing trade and bonded logistics had import and export values of RMB190.32 billion and RMB189.19 billion, accounting for 23.9% and 23.7% respectively.

  • The top 10 trading partners had generally shown growth, with imports and exports to six countries and regions including ASEAN, the EU, and the United States showing double-digit growth. Meanwhile, the countries and regions along the "Belt and Road" had relatively fast growth, with import and export values reaching RMB204.41 billion, a year-on-year increase of 23%, accounting for 25.7%.

  • Private enterprises played a prominent role, with import and export values reaching RMB501.34 billion, an increase of 10.6%, accounting for 62.9%. Foreign-invested enterprises had stable growth, with import and export values reaching RMB247.75 billion, an increase of 5.5%, accounting for 31.1%.


[Cover image via Unsplash]

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