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A new record set in Jiangsu’s foreign trade in the first three quarters
updated on:2024-10-28 08:32

Statistics of Nanjing Customs showed that in the first three quarters of 2024, Jiangsu’s foreign trade in goods, which stood at RMB 4.12 trillion, registered a new record high with a year-on-year increase of 7.7%, 2.4 percentage points over the national average, and taking up 12.8% of the total volume of national foreign trade in goods. Among them, exports contributed RMB 2.65 trillion, up 7.8%, and imports, RMB 1.47 trillion, up 7.5%.

Its general performance reflected the following features. General trade accounted for a larger proportion of nearly 60% and processing trade witnessed a substantial growth. In the first three quarters, general trade totaled RMB 2.37 trillion, an increase of 6% and accounting for 57.4% of the total foreign trade volume. Processing trade reached RMB 1.3 trillion, an increase of 11.3% and accounting for 31.6%. And trade through bonded logistics stood at RMB 418.74 billion, up 8.4% and taking up 10.2% of the total.

Private enterprises served as a strong growth driver and foreign trade of foreign-invested enterprises saw a rally. In the first three quarters, foreign trade of private enterprises registered RMB 1.85 trillion, an increase of 10.5% and pulled the provincial average growth rate up by 4.6 percentage points; it contributed to 45% of the total foreign trade in Jiangsu, 1.2 percentage points higher over the same period of last year. Trade of foreign-invested enterprises stood at RMB 1.94 trillion and state-owned enterprises, RMB 324.12 billion, 47.2% and 7.9% of the total respectively.

Foreign trade with BRI countries witnessed rapid growth. Foreign trade with BRI countries totaled RMB 1.83 trillion, up 11.3% and driving the provincial growth rate by 4.8 percentage points. It contributed to 44.1% of the total trade volume, an increase of 1.4 percentage points over the same period of last year. Among them, trade with ASEAN and the ROK registered RMB 646.8 billion and RMB 416.51 billion, up 10.4% and 13.2 % respectively.

Mechanical and electrical products took up nearly 70% of exports in total, with significant growth in mobile phones and ships. In the first three quarters, exports of mechanical and electrical products totaled RMB 1.81 trillion, a year-on-year increase of 9.4%, accounting for 68.5% of the total export volume and contributing to a 6.3-percentage-point rise in the provincial average growth rate of exports. Among them, exports of mobile phones and ships were up 35.5% and 74.3% year-on-year respectively.