Eight months in a row: Guangdong sees positive growth of foreign trade in H1

Guangdong has pulled off a positive growth of foreign trade for eight consecutive months, with total export and import jumping 24.5% year on year to RMB 3.8 trillion in the first half of 2021.

According to figures from Guangdong Sub-Administration of Customs, exports grew by 26.9% to RMB 2.3 trillion, and import climbed to RMB 1.5 trillion with a 20.9% increase. Compared with the pre-pandemic level in the first half of 2019, this was a marked 16%, 14.7% growth for export and import respectively.

By virtue of the explosive demand in the global market, Guangdong’s trade with major partners has gathered momentum, growing more than 20% on average.

Among them, import and export to ASEAN countries amounted to RMB 588.36 billion, an increase of 25%; to Hong Kong, China, RMB 516.68 billion, up 23.6%; to the European Union, RMB 425.2 billion, up 25.2%; to the United States, RMB 420 billion, up 27.7%; to Taiwan, China, RMB 297.35 billion, up 24.3%, and in addition, to “Belt and Road” countries and the RCEP partners, up 16.5% and 20% respectively.

Meanwhile, the trading mode is also improving. General trade volume hit RMB 2 trillion with a 27.4% hike; processing trade reached RMB 1.01 trillion, growing by 20.4%; bonded logistics increased by 22.2% to RMB 596.58 billion. It’s also noteworthy that new forms of trades are likewise burgeoning, with mart procurement pulling off a whopping 30.9% growth to RMB 165.21 billion, and cross-border e-commerce expanding among others.

Bai Ming, the deputy director of International Market Research Institute, said Guangdong should seize the trade opportunity when the pandemic prompts manufacturing industries in countries like ASEAN to increase outsourcing. He also emphasized the importance of overall competitiveness and, specifically, the technology involved in the production.

Under this situation, private enterprises in Guangdong have certainly been hearing good news this year as they keep a dominant position in foreign trade. Their total exports and imports rose by 29.2% to RMB 2.16 trillion, accounting for 56.9% of total foreign trade value, 2.1% higher than last year. Moreover, foreign-invested enterprises managed trade totaling RMB 1.43 trillion and state-owned enterprises RMB 197.23 billion, up 18.9% and 18% respectively.

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