Suzhou's foreign trade hits new high by July

According to statistics from Suzhou Customs, the total foreign trade value of Suzhou, Jiangsu province, reached 1.45 trillion yuan ($204.26 billion) from January to July this year, marking an 8.9 percent year-on-year increase. This accounted for 5.9 percent of the country's foreign trade and 46.1 percent of the province's total.

The total value of exports amounted to 898.23 billion yuan, reflecting a 9.4 percent increase, while imports stood at 555.19 billion yuan, marking an 8.1 percent rise. In July alone, Suzhou's total foreign trade volume reached 223.11 billion yuan, setting a new high for the year.

The import and export volume of foreign-invested enterprises experienced an 8.5 percent increase, reaching 839.53 billion yuan. There was a significant surge of 12.8 percent in July to 129.63 billion yuan, which marks the highest level since October 2022.

Trade with countries involved in the Belt and Road Initiative remained robust, with imports and exports totaling 554.09 billion yuan from January to July, up by 15.1 percent and accounting for 38.1 percent of Suzhou's total foreign trade.

The import and export of integrated circuits continued to be a key driver of the city's foreign trade, reaching 284.08 billion yuan from January to July, up by 33.9 percent and representing 19.5 percent of the city's total foreign trade value.

Notably, Suzhou saw a substantial increase in the export of electric vehicles, with exports reaching 7.46 billion yuan from January to July, a remarkable 10.4-fold increase.