City posts foreign trade growth for 12 consecutive months

Writer: Han Ximin  |  Editor: Holly Wang  |  From: Shenzhen Daily  |  Updated: 2021-11-26

Shenzhen's foreign trade volume reached 2.81 trillion yuan (US$440 billion) in the first 10 months of this year, up 14.9 percent year on year, statistics from Shenzhen Customs showed Thursday.

In October alone, the volume hit 295.89 billion yuan, showing a 13-percent year-on-year increase and growth for 12 months straight.

Exports of consumer electronic products witnessed a remarkable growth. Exports of electrical and mechanical products reached 1.22 trillion yuan from January to October, up 20.3 percent year on year, accounting for 80.2 percent of the city’s total exports. Exports of automatic data processing devices and equipment, such as computers, mobile phones and their spare parts, audio-video equipment and spare parts, and household appliances kept two-digit growth.

Imports of electrical and mechanical products reached 1.03 trillion yuan in the first 10 months, up 12.7 percent year on year, weighing 79.5 percent of the total imports. Imports of cosmetic products and body care products increased by 42 percent to 7.61 billion yuan.

Shenzhen-based TCL CSOT, a maker of televisions and display panels, has invested more than 30 billion yuan in production of the 11th-generation super high-definition displays. The company plans to import 1,600 sets of complete equipment for the project, the city’s largest single social investment project.

“Thanks to the customs’ simplified declaration procedures, declaration for imported materials becomes easy and convenient, which makes our products more competitive at international markets because management costs have been reduced and production efficiency has been improved,” Li Xue, a manager from CSOT, said.

Between January and October, the company’s processing trade imports and exports reached 15 billion yuan, up by 49 percent year on year.

China’s foreign trade volume hit US$4.89 trillion in the first 10 months of 2021, Vice Minister of Commerce Ren Hongbin said at a press conference Wednesday, adding that this figure beats the total volume in 2020.

China has approved the implementation of a high-quality foreign trade development plan during the 14th Five-Year Plan period (2021-2025), the ministry said.

The plan highlighted innovation and development mode transformation in foreign trade, as well as low-carbon transformation, digital transformation, further opening up and better foreign trade risk controls.

The plan outlined 45 key tasks in 10 categories, involving the structure of goods trade, innovation in service trade, new modes of foreign trade and better risk control systems.