Foreign trade robust at $12 billion during Q1 in Zhuhai
Zhuhai recorded first-quarter foreign trade of 78.88 billion yuan ($12.1 billion), up 43.4 percent year-on-year and 10 percentage points higher than the provincial average, according to Gongbei Customs.
Local export value grew by 47.6 percent from the same period last year to 44.52 billion yuan ($6.8 billion). Meanwhile import value rose by 38.2 percent to 34.36 billion yuan ($5.3 billion). The growth rates are respectively 6 and 16 percentage points higher than the province's.
The city's general trade value increased by 63 percent to 51.47 billion yuan ($7.9 billion). This accounts for 65.2 percent of the total foreign trade value, which is 7.8 percentage points higher than the same period last year. Local processing trade increased by 27.5 percent to 19.57 billion yuan ($3 billion), constituting 24.8 percent of the city's total foreign trade value.
Customs officers inspect containers [Photo courtesy Nanfangplus]
The Association of Southeast Asian Nations, European Union, Hong Kong, and South Korea have been Zhuhai's four largest trade partners, with respective import-export values of 13.69 billion yuan ($2.1 billion), 9.8 billion yuan ($1.5 billion), 7.11 billion yuan ($1.1 billion), and 6.9 billion yuan ($ 1.06 billion).
In addition, foreign trade value with countries engaged in the Belt & Road Initiative and Regional Comprehensive Economic Partnership agreement also recorded respective growth rates of 44.5 percent and 45.9 percent.
Private enterprises surpassed foreign-funded companies to become the largest foreign trade group in Zhuhai with their import-export value growing by 77.3 percent to 37.45 billion yuan ($5.7 billion). Their proportion of Zhuhai's foreign trade value increased 9.1 percentage points from the same period last year to 47.5 percent.
Furthermore, foreign trade value of State-owned enterprises grew by 10.1 percent to 8.32 billion yuan ($1.28 billion) during the first quarter, accounting for 10.5 percent of the city's total.
Exported mechanical and electrical products increased in value by 41.2 percent to 34.47 billion yuan ($5.29 billion), 77.4 percent of Zhuhai's total export value. Import value increased 50.4 percent to 19.97 billion yuan ($3.06 billion), 58.1 percent of local import value.
Other import bulk commodities such as iron ore, essential organic chemicals, and primary shape-memory plastics also enjoyed strong growth at respective rates of 87.2 percent, 38.4 percent, and 42.5 percent.