Foreign trade volume in east China’s Jiangsu province posted steady increase in January and February with both imports and exports rising higher than expectations, according to the latest figures from the Nanjing Customs.
East China’s Jiangsu province posted 642.58 billion yuan of foreign trade volume in January and February, down 1.2% year on year, latest figures from the Nanjing Customs show. The province’s exports increased 0.9% to 349 billion yuan while imports declined 4.2% to 248.5 billion yuan.
February coincided with the Spring Festival. Due to the concentrated export before the holiday and the reduction of exports after the holiday, the foreign trade data fluctuated considerably. Excluding the influence of the Spring Festival factor, Jiangsu's import and export increased by 7.1% in the January-February period, of which exports increased by 13.5%, continuing good momentum.
The import and export of general trade rose 1%, accounting for more than half of the total and 0.9% higher from a year ago, indicating further optimization of the trade structures.
Private enterprises demonstrated more and more vitality through continuous efforts for independent innovation. The import and export increased by 3.6% in the first two months. During the same period, the export of some mechanical and electrical products with higher added value maintained growth momentum.
In the meantime, Jiangsu has further diversified its trading partners. Its imports and exports with Belt and Road countries posted good performance, with trade volume increasing by 9.4%. Its trade volume with Singapore, Vietnam, Malaysia, the Philippines and Saudi Arabia has the most outstanding performance.
As a traditional foreign trade province, Jiangsu is also actively responding to the complicated and ever-changing international trade environment. In accordance with the requirements of the government work report on promoting foreign trade to stabilize and improve quality, this year, the province will continue to boost its market diversification, use various platforms to expand imports, enhance the international competitiveness of independent brand products, and promote cross-border e-commerce for the healthy and rapid development of new foreign trade formats through a series of pragmatic and effective measures so as to create new advantages in foreign trade competition.
