Shenyang reports Q1 rise in imports, exports

Shenyang, capital of Liaoning province in Northeast China, saw its import and export trade volume hit 25.25 billion yuan ($3.67 billion) in the first quarter of 2019, representing a 26.8 percent rise compared to the same period last year, accounting for 14.4 percent of the province's total import and export value in the same period.

Shenyang has achieved good results in creating an international business environment. In the first quarter, the trade volume of foreign-invested enterprises in import and export totaled 19.7 billion yuan, up by 41.6 percent year-on-year, accounting for 78 percent of the total figure in Shenyang.

Meanwhile, its volume of exports in the first quarter was fewer than imports, and the growth rate of its figure of foreign trade reached 21.9 percentage points higher than that of Liaoning province. Among them, the growth rate of exports was 1.3 percentage points higher than that of the whole province, while imports were 34.2 percentage points higher than the province. For instance, its car manufacturing industry led to a substantial increase in the imports of auto parts.

The statistics reveal a diversified pattern in terms of the province's trade partners. Trading with more than 160 countries and regions for economic exchanges, its main trade partners are European Union (EU), the United States (US), Japan, South Korea, and Asean. EU continues to maintain its position of being Shenyang's largest trade partner, with the city's importing and exporting volume towards EU accounting for 55.6 percent of the total foreign trade. The total value of trading with US reached 2.25 billion yuan, up 15.9 percent, accounting for 8.9 percent of the total value of Shenyang's imports and exports during the same period.

Furthermore, the volume of Shenyang's import and export trade with countries along the "Belt and Road Initiative" (BRI) increased from 15.71 billion yuan in 2013 to 22.8 billion yuan in 2018, with an average annual growth rate of 6.4 percent, much higher than the annual growth rate of Shenyang's overall foreign trade in the same period, thus becoming a new driving force for the city's foreign trade. 

The China-Europe Railway Express mainly exports equipment manufacturing products. [Photo/VCG]

Specifically, its total volume of trading with the BRI countries achieved 5.72 billion yuan, up by 20.2 percent, accounting for 22.7 percent of the total figure of its imports and exports in the same period. The China-Europe Railway Express, which mainly exports equipment manufacturing products, has delivered 40 outbound trains, with a cargo volume of 51,400 tons, an increase of 3.3 times. The potential of cooperating with countries along the BRI has been gradually released, which has strongly boosted the export of products from Shenyang and surrounding areas.