2021 First Seven Months Saw a 17.4% Growth in Jiangsu’s Foreign Trade

Statistics from Nanjing Customs shows that from January to July this year Jiangsu’s foreign trade volume has hit 2822.62 billion yuan, up by 17.4% over the previous year and up by 15.1% over the same period in 2019. The biennial average growth rate stood at 7.3%, 13.2% of China’s total foreign trade. The export hit 1742.45 billion yuan, up by 19.3%; while the import hit 1080.17 billion yuan, up by 14.4%.

Data reveals that general trade still dominates in Jiangsu. From January to July, import and export volume of general trade has registered 1602.43 billion yuan, up by 24.2%, accounting for 56.8% of total foreign trade and 3.2 percentage points higher than the same period in 2020. Concurrently, import and export volume of processing trade and bonded logistics have hit 889.25 billion yuan and 303.11 billion yuan, up by 1.8% and 42.5% and accounting for 31.5% and 10.7% of total foreign trade, respectively.

The market model split shows that Jiangsu keeps a sound momentum in its foreign trade with the emerging markets, including ASEAN countries and countries along the BRI route. From January to July, Jiangsu’s foreign trade with the EU, ASEAN, the U.S, ROK and Japan have registered 422.49 billion yuan, 405.38 billion yuan, 375.93 billion yuan, 288.57 billion yuan and 247.77 billion yuan, up by 18.7%, 21.5%, 15%, 6.8% and 10.8%, respectively. Trade volume of the above five markets took up 61.7% of Jiangsu’s total foreign trade. During the same period, Jiangsu’s foreign trade with countries along the BRI route has hit 714.68 billion yuan, up by 22.2%.

Private enterprises have been playing a key role in stimulating foreign trade. From January to July, foreign trade volume by private enterprises has scored 1050.09 billion yuan, up by 28.6% which was 11.2 percentage points higher than the overall growth rate in Jiangsu’s foreign trade. Private enterprises have contributed 9.7 percentage points in the increase of the foreign trade, accounting for 37.2% of Jiangsu’s total and 3.2 percentage points higher than the same period in 2020.

From January to July, Jiangsu’s export of mechanical and electrical products has hit 1151.16 billion yuan, up by 18.9%, accounting for 66.1% of total export and contributing to 12.5 percentage points in export growth. Out of mechanical and electrical products, export of integrated circuits, laptops, electrical appliances, and solar cells have increased by 15.9%, 13.5%, 27.3%, and 18.2%, respectively. Concurrently, export of labor-intensive products has registered 273.15 billion yuan, up by 9.9%, accounting for 15.7% of total export and spurring the export to grow by 1.7 percentage points.

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