SZ's trade with BRI countries reaches ¥8.63T in 10 years

Shenzhen's trade with countries participating in the Belt and Road Initiative (BRI) has witnessed remarkable growth, with the cumulative trade value reaching 8.63 trillion yuan (US$1.2 trillion) between 2013 and 2022, posting an average annual growth rate of 5.1%, data from Shenzhen Customs showed.

A Greater-Bay-Area freight train heading to the Laos and Thailand is seen at Pinghua Logistics Center in Longgang District. File photo

During the 10-year period, the trade value between Shenzhen and BRI countries increased by 59.1%, surging from 747.37 billion yuan in 2013 to 1.19 trillion yuan in 2022. Exports from Shenzhen doubled from 299 billion yuan in 2013 to 604.71 billion yuan in 2022.

In the first eight months of the year, Shenzhen continued to strengthen its trade ties with BRI countries, with trade volume reaching 796.1 billion yuan, marking a 13.8% year-on-year increase, data showed.

Exports during this period reached 461.3 billion yuan, up by 35.2%, ranking first among mainland cities in terms of trade value.

The composition of exports to BRI countries showed continuous improvement from 2013 to 2022, with a notable increase in the share of exports from the equipment manufacturing sector. Exports of manufacturing equipment maintained an annual growth rate of 10.2%, rising from 52.4% in 2013 to 71.9% in 2022. Exports of computers, telecommunications and other electronic products, electrical machinery, manufacturing devices, and special equipment grew at an average annual rate of 8.6%, 14.8%, and 11.6%, respectively.

Private enterprises played a significant role in this growth, with their share in trade increasing from 41.2% in 2013 to 69.2% in 2022, according to Shenzhen Customs.