Guangdong sees trade growth in first 2 months of year

Guangdong province saw significant growth among major trading partners in the first two months of 2024. This played a big part in boosting the province's overall foreign trade industrial development.

According to a statement released by Guangdong Customs on Tuesday, Guangdong's imports and exports with the Association of Southeast Asian Nations (17.3 percent), the United States (32.3 percent), Hong Kong Special Administrative Region (17.1 percent), the European Union (12.1 percent) and Taiwan province (20.3 percent) enjoyed year-on-year growth in every case.

Traditionally, the five are the top trading partners of Guangdong province, the country's biggest foreign trader.

Meanwhile, Guangdong's foreign trade volume with countries involved in the Belt and Road Initiative hit 515.33 billion yuan ($72.58 billion) in January and February, up by 23.1 percent year-on-year and accounting for 38.2 percent of province's total, the statement said.

Guangdong's good foreign trade performance with its major trade partners and nations involved in the BRI have helped the province achieve a year-on-year foreign trade increase of 24.9 percent — totaling 1.35 trillion yuan in the first two months, it said.

The province sold more than 885.94 billion yuan worth of products abroad while purchasing goods valued at 462.4 billion yuan from the rest of the world in January and February — up year-on-year 26.8 percent and 21.5 percent respectively, the statement said.

Guangdong's exports of electromechanical products increased by 19.9 percent year-on-year, accounting for 63.8 percent of the province's total export volume, it said.

Of that, automatic data processing goods, household appliances, audio and video goods and integrated circuits grew by 18.2 percent, 29 percent, 29.4 percent and 51.1 percent, respectively.

Exports of containers and vessels also increased significantly, achieving year-on-year growth of 178 percent and 211.1 percent respectively in the first two months.

Guangdong mainly imported electromechanical products and bulk commodities since the beginning of the year.

The province imported 277.49 billion yuan worth of mechanical and electrical products, a year-on-year increase of 24.3 percent, representing 60 percent of Guangdong's total imports.

Of that, the import of automatic data processing equipment and components, semiconductor manufacturing equipment and integrated circuits increased by 131.9 percent, 276.7 percent and 28.5 percent respectively, the statement said.

Meanwhile, Guangdong's import volume of energy products, metal ore and grain increased by 65.3 percent, 21.4 percent and 45.9 percent respectively in first two months, it added.