Guangdong's imports bolster its growth

Hao Bao and Hao Ni are seen in Guangzhou, Guangdong province on Oct 9, 2021. [Photo by Zheng Erqi/chinadaily.com.cn]

Guangdong's import volume has seen average year-on-year growth of more than 7.5 percent after China joined the World Trade Organization two decades ago.

According to Guangdong Customs on Wednesday, the province had an import volume of more than 2.74 trillion yuan ($428.13 billion) last year, up from 671.63 billion yuan in 2001, and it is maintaining the growth momentum.

The strong import performance has helped Guangdong, one of the major production bases of the world, achieve an import and export volume of more than 7.09 trillion yuan last year, fortifying its status as China's biggest foreign trader, the statement said.

The province logged foreign trade volume of more than 6.71 trillion yuan in the first 10 months of this year, up 18.2 percent year-on-year. Guangdong reached annual foreign trade volume of more than 2 trillion yuan in 2003, and the figure surpassed 5 trillion yuan in 2010 and more than 7 trillion yuan in 2018, the statement said.

Guangdong has diversified its world market and established trade relations with more partners around the world in the decades after China became a WTO member, with the province's foreign trade with the countries and regions now part of China's Belt and Road Initiative maintaining rapid growth over the past 20 years, it said.

Guangdong's import and export volume with BRI nations and regions has seen year-on-year increases of more than 7 percent over the last two decades, the statement said.

The province, which leans on its foreign trade for economic growth, has established trade relations with more than 230 nations and regions around the world as of the end of last year, compared with 214 last year.

Meanwhile the number of foreign trade companies in the province reached more than 100,000 this year, quadruple the figure in 2001.The proportion of general trade has also increased significantly in recent years, the statement said, accounting for 51.2 percent of the province's total foreign trade volume last year, compared with 22.4 percent in 2001.

It was 52.4 percent in the first 10 months, it said.The import and export volume of mechanical and electronic products has seen annual average growth of 11.2 percent over the past 20 years.

The proportion of mechanical and electronic products trade volume reached 68.4 percent in 2020, compared with 49 percent in 2001. Guangdong's proportion of mechanical and electronic products trade volume reached 68.7 percent of the total in the 10 months ending October, it said.