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Jiangsu’s marine economy grows by 6.5% in Q1
updated on:2024-05-14 08:40

The gross domestic product of Jiangsu’s marine economy reached approximately 245 billion yuan in the first quarter of the year, accounting for 7.9% of the provincial GDP and marking a year-on-year growth of 6.5%.

Jiangsu achieved a stable development in the marine transport industry in the period. The province's river and coastal ports experienced a 6.4% year-on-year growth in cargo throughput and a 13.1% expansion in TEU volume.

In marine tourism, Jiangsu’s three coastal cities welcomed 36,000 inbound tourists with overnight stays in the first quarter, an increase of 103.4% year-on-year.

The marine fishery sector saw aquaculture and fishing output growth by 2.5% and 2.8% year-on-year, respectively.

In the first quarter, the province's offshore wind power generation surged by 22.8%. However, wind power equipment manufacturers faced increasing transformation pressures amid fierce competition.

The shipbuilding, engineering equipment manufacturing and transport sectors managed to achieve sound operations thanks to the expanding market demand and technological upgrade. A survey showed that 71.4% and 69.0% of the enterprises reported growth of revenue and profit in the first quarter, respectively, with more than 80% of the enterprises expected to achieve year-on-year revenue growth in the second quarter.