Xiamen FTZ posts 20.36% increase in foreign trade in Q1

The foreign trade value of the Xiamen Area of the China (Fujian) Pilot Free Trade Zone rose 20.36 percent year-on-year to 49.75 billion yuan ($7.04 billion) in the first quarter of this year, according to customs data released on April 19.

Statistics showed that imports of iron ore, copper mine, and coal totaled 28.45 billion yuan, up 39.13 percent year-on-year. Cross-border e-commerce and container throughput of cross-Straits routes also rose sharply in the first three months of this year, becoming a new driver of foreign trade.

The sudden outbreak of COVID-19 has temporarily impacted the city's exports and imports, but the area has introduced a range of policies to help foreign trade firms resume production in an orderly manner.

Creative measures have been taken to attract investment, such as adopting no-contact procedures and making use of online platforms. A total of 1,888 new enterprises with a registered capital of 10.8 billion yuan set up operations in the area from January to March, including 43 foreign-invested enterprises with a contractual foreign capital of 1.04 billion yuan.

Due to the COVID-19 pandemic, backlogs have built up in international transport, particularly in shipping and air transport, which has led to a sharp increase in freight volume on the China-Europe Railway Express. The China-Europe Railway Express (Xiamen) made 67 trips, 139 percent more than the same period last year.

In the future, the area plans to stabilize foreign trade and investment and promote the development of new types of business, including cross-border e-commerce, to cultivate new drivers of growth.