East China’s Jiangsu province has stimulated the vitality of foreign trade market players with the orderly recovery of domestic production and supply and the continuous strengthening of a series of policies to stabilize foreign trade, according to statistics from Nanjing Customs.
From January to May, Jiangsu reported a total import and export value of 2.13 trillion yuan, a year-on-year increase of 8.5%, accounting for 13.3% of the national total. Exports reached 1.32 trillion yuan, an increase of 9% and imports reached 807.03 billion yuan, an increase of 7.6%.
In the meantime, Jiangsu reported a continuously optimizing foreign trade structure. In the first five months, Jiangsu's exports of mechanical and electrical products and labor-intensive products accounted for over 80% of the provincial total.
The export of mechanical and electrical products came at 867.76 billion yuan, an increase of 7.3% and accounting for 65.7% of the provincial total during the period. The province also saw strong growth in the exports of integrated circuits, solar cells, and mobile phones.
Benefiting from the stable operation of Jiangsu-China-Europe and Asia freight trains and the Regional Comprehensive Economic Partnership, Jiangsu reported an overall growth of import and export with the EU, ASEAN, the United States, South Korea, countries along the "Belt and Road", and RCEP member countries.
Jiangsu reported 318.33 billion yuan, 311.64 billion yuan, 275.35 billion yuan and 242.02 billion yuan in imports and exports to the EU, ASEAN, the United States and South Korea, up 7.4%, 9.6%, 5.2% and 19.6% respectively.
Jiangsu reported an increase of 11.2% in imports and exports to countries along the Belt and Road; an increase of 8.8% to the 14 RCEP countries.
The import and export of private enterprises has stabilized at more than one third of the province’s import and export and become an important driving force for the growth of Jiangsu's foreign trade.
In the first five months, Jiangsu reported 808.54 billion yuan in the import and export of private enterprises, accounting for 38% of the province’s total import and export, an increase of 13.1% year on year and 1.6 percentage points higher from last year.
