City trade increases by 7.4% in Q1

Shenzhen's first-quarter (Q1) foreign trade reached 796.7 billion yuan (US$115.5 billion), up by 7.4% year on year and accounted for 43.3% of Guangdong’s total trade, statistics from Shenzhen Customs showed Tuesday.

The general trade contributed 411.5 billion yuan to the overall trade with processing trade and trade in bonded areas reaching 190.3 billion yuan and 189.1 billion yuan respectively, accounting for 23.9% and 23.7% of the total trade.

Trade with major partners witnessed positive growth. Trade with six countries and regions including ASEAN countries, the EU and the U.S. realized double-digit growth. Trade with countries and regions under the Belt and Road Initiative reached 204.4 billion yuan in Q1, up by 23% year on year, accounting for 25.7% of the total trade.

Statistics showed that imports and exports from private enterprises took up 62.9% of Shenzhen’s total trade, growing by 10.6% to 501.3 billion yuan in Q1. Foreign-invested enterprises’ imports and exports totaled 247.7 billion yuan, up by 5.5% and taking up 31.3% of the city’s total.

Among export products, the trade value of green and low carbon products showed a significant increase. Exports of mechanical and electrical products reached 386.8 billion yuan, up by 20.3% year on year and accounted for 76.5% of the total trade.