Jiangsu reports Q1 rise in imports, exports

Jiangsu saw its import and export trade volume hit 996.02 billion yuan ($148.36 billion) in the first quarter of 2019, representing a 1.8 percent rise compared to the same period last year, according to the latest statistics released by Nanjing customs district on April 17.

The province’s trade volume in the first quarter accounted for 14.2 percent of China’s total figure, with the volume of exports amounting to 620.28 billion yuan, up 7.3 percent, and the volume of imports falling by 6 percent to 375.74 billion yuan.

During the first quarter, the value of trade in general goods rose by 5.4 percent, representing 50.3 percent of the total export and import trade volume, and the proportion increased 1.8 percentage points compared with the same period last year.

With domestic substitution rising, Jiangsu’s processing trade in the first quarter fell by 11.1 percent, leading to a 0.5 percent decline in the export and import volume of processing trade, which accounted for 38.2 percent of the total export and import trade volume. The export and import volume of bonded trade also decreased by 7.1 percent.

The statistics reveal an interesting picture in terms of the province’s trade partners. Trade volumes rose with the European Union by 10.6, with ASEAN countries by 14.5 percent, and with Japan by 5.9 percent. Jiangsu’s trade with Belt and Road countries saw growth of 11.2 percent in the first quarter.

But trade with the United States declined by 10.2 percent, and by 0.1 percent with South Korea.

Private firms reported growth of around 10 percent in their imports and exports, accounting for 29.3 percent of the total figure. The volume contributed by foreign companies witnessed a small increase of 0.7 percent, and State-owned enterprises saw a fall of 12.9 percent.

In the first quarter, Jiangsu’s mechanical and electrical exports grew by 6.5 percent, with integrated circuits witnessing rapid growth of 13.7 percent. In addition, exports of labor-intensive products increased by 8.3 percent.