Guangdong's foreign trade grows 11.1% in Q1-Q3 2024, outpacing national average

(Photo: the Guangdong Sub-administration of GACC)

In a recent press conference, the Guangdong Sub-administration of GACC reported that the province's foreign trade reached 6.75 trillion yuan in the first three quarters of 2024, marking a year-on-year growth of 11.1%. The growth rate surpasses the national average by 5.8 percentage points, with exports totaling 4.39 trillion yuan (up 9.1%) and imports at 2.36 trillion yuan (up 15%).

Guangdong's robust foreign trade performance this year underlines its critical role in the national economy, contributing 20.9% of China's total trade. The province's growth rate is significantly above the national average, contributing 41.5% to the overall national growth.

Key markets saw positive trends, with trade with ASEAN, Guangdong's largest trading partner, increasing by 10.1% to 1.08 trillion yuan. Other markets, including Hong Kong, the United States, the EU, and Taiwan, also reported growth rates of 15.3%, 7.3%, 5.5%, and 16.3%, respectively. Notably, trade with Belt and Road Initiative countries rose to 2.47 trillion yuan, growing by 9.8%.

Private enterprises are driving much of this growth, with their imports and exports reaching 4.3 trillion yuan, a 17.1% increase, outpacing the overall provincial growth by 6 percentage points. These firms now account for 63.6% of Guangdong's foreign trade value, reflecting a 3.2 percentage point increase. In contrast, foreign-invested enterprises grew by just 2%, while state-owned enterprises saw minimal growth of 0.3%.

Guangdong maintains a solid export base, particularly in mechanical and electrical products, which accounted for 65.2% of total exports at 2.87 trillion RMB, growing by 8.8%. Traditional products such as household appliances, computers, and mobile phones also experienced notable increases, demonstrating the province's competitive advantages in these sectors.

On the import side, there was a significant rise in essential equipment and raw materials, with integrated circuits imported at 821.7 billion yuan (up 17.7%) and semiconductor manufacturing equipment seeing a growth of 72.1%. Demand for energy products, including coal, crude oil, and natural gas, surged by 27.9%, totaling 7.55 million tons.

Overall, Guangdong's foreign trade performance in the first three quarters of 2024 is a positive indication of resilience and vitality, positioning the province as a leader in national trade. 

cnbayarea.org.cn & GDToday