Guangdong's Hard Work Pays Off as Imports, Exports Surpass USD657 Billion in First Eight Months
(Yicai Global) Sept. 14 -- Imports and Exports in China's southern province of Guangdong hit USD657.1 billion (CNY4.29 trillion) over the first eight months, up 11.2 percent from the same period a year ago, data from the General Admintration of Customs' Guangdong office shows.>
Imports and exports at private companies in the region were USD298.7 billion, making up 45.5 percent of the total.
Guangdong a leading province by processing trade in China, making up about a quarter of the country's total trade. From January through August, general trade and processing trade reached USD300 billion and USD237.4 billion, respectively, making up 45.7 percent and 36.2 percent of the province's total. The dcrepancy between general and processing trade shows the region's efforts to transform and upgrade trade have shown positive results, state-level news agency China News Service reported yesterday.
Foreign-backed companies saw an annual increase of 47 percent in imports and exports to USD309.4 billion.
In terms of trade partners, Guangdong did business worth USD145.8 billion with countries along the Belt and Road Initiative's route, up 19.1 percent from a year earlier. Its trading volume with BRICS countries soared 19.1 percent to USD33.2 billion.
BRICS a collective term used to describe five major developing economies, Brazil, Russia, India, China and South Africa.
The province mainly exported mechanical and electrical products and labor-intensive goods, making up 66.7 percent and 14.5 percent of its total exports, respectively.