Guangdong's imports and exports trade of 2024 exceeds 9 trillion yuan, setting a new historical high

Guangdong's foreign trade imports and exports in 2024 amounted to 9.11 trillion yuan, an increase of 9.8% year on year, according to statistics from the Guangdong Sub-Administration of the General Administration of Customs of the People's Republic of China. 

It exceeded 9 trillion yuan for the first time in history, with the total amount ranking first in the country for 39 consecutive years. Among this, exports amounted to 5.89 trillion yuan, an increase of 8.4%; imports amounted to 3.22 trillion yuan, an increase of 12.5%. 

In 2024, Guangdong's top five trading partners were ASEAN, Hong Kong, the United States, the European Union, and Taiwan, all of which saw positive growth in imports and exports, increasing by 8%, 9.9%, 7.6%, 7%, and 17.8%, respectively. The relations with trading partners from traditional markets are stable.

Meanwhile, there was significant growth in expanding emerging markets all around the world. Trade with 17 Middle Eastern countries grew by 8.8%, with Latin America by 16.7%, and with five Central Asian countries by 40.3%.

Additionally, trade with countries participating in the Belt and Road Initiative grew by 9.4%, accounting for 38% of Guangdong's total trade value.

Business entities showed their vitality, and private enterprises increased rapidly in 2024. Guangdong had 146,000 enterprises with import and export activities, an increase of 11.6%. Among them, 123,000 were private enterprises, an increase of 13.2%, with imports and exports totaling 5.8 trillion yuan, a growth of 15.2%, 5.4 percentage points faster than Guangdong's overall growth rate. The proportion of private enterprises in Guangdong's total trade value increased by 3 percentage points to 63.6%.

Although many foreign media and think tanks mentioned the retreat of foreign investors from China, foreign-invested enterprises in Guangdong had imports and exports totaling 2.85 trillion yuan, an increase of 1.8%, accounting for 31.2%in 2024.

Another highlight is the rapid growth of high-tech product exports in 2024. Guangdong exported 3.87 trillion yuan worth of electromechanical products, an increase of 8.8%, accounting for 65.6% of total exports. Among them, major export products such as automatic data processing equipment and components, household appliances, and integrated circuits grew by 15.3%, 14.6%, and 15.2%, respectively.

Guangdong's scientific and technological products have been welcomed by people worldwide. Exports of containers, 3D printers, electric vehicles, and drones surged rapidly, by 140.5%, 45.2%, 41.4%, and 20.1%, respectively. 

The import of key equipment has increased to help produce high-tech products. Guangdong imported 2.15 trillion yuan worth of electromechanical products, an increase of 18.4%, accounting for 66.8% of Guangdong's total imports. Among these, imports of integrated circuits reached 1.12 trillion yuan, an increase of 14.8%; automatic data processing equipment and components totaled 295.58 billion yuan, a significant increase of 127.8%; and semiconductor manufacturing equipment imports amounted to 55.32 billion yuan, up 56.7%.