Guangdong's Foreign Trade Surges 12 percent in Q1 2024

Guangdong's Foreign Trade Surges 12 percent in Q1 2024

Guangdong's Foreign Trade Surges 12 percent in Q1 2024, includes a surge in exports of PVC film

        On 16th April , it was reported at a press conference held by the provincial Information Office that in the first quarter of this year, Guangdong's foreign trade volume reached 2.04 trillion yuan, a 12% year-on-year increase. Of this total, exports amounted to 1.31 trillion yuan, up by 9%, while imports reached 731.14 billion yuan, marking a 17.6% increase.

        Guangdong's foreign trade continued its positive momentum from the end of last year, with trade volume hitting a historical high for the same period, maintaining its position as the top province in China's foreign trade and playing a crucial role in the national trade landscape.


       The overall growth rate was impressive, with Guangdong's foreign trade expanding by over 10% in the first quarter, surpassing the previous quarter by 10.2 percentage points and achieving the best performance in 11 quarters. Both exports and imports saw growth rates higher than the previous quarter by 10.1 and 10.5 percentage points, respectively.


The province saw a significant number of foreign trade enterprises with actual performance in the first quarter, totaling 101,000, an 11.6% increase year-on-year. Among them, private enterprises, mainly small and medium-sized, achieved a total import and export value of 1.28 trillion yuan, up by 19.2% and accounting for 62.9% of Guangdong's total foreign trade volume, a 3.8 percentage point increase from the same period last year. Foreign-invested enterprises accounted for 31.5% of the total import and export value, while state-owned enterprises accounted for 5.3%.

        Trade with major partners remained stable, with growth seen in exports and imports with key trading partners such as ASEAN, Hong Kong, the EU, the US, and Taiwan. Additionally, trade with countries participating in the Belt and Road Initiative and other RCEP member nations also saw positive growth.

        The export sector performed well, with strong numbers in exports of mechanical and electrical products, labor-intensive products, and agricultural products. Imports also saw growth, particularly in integrated circuits, automatic data processing equipment and components, and semiconductor manufacturing equipment.

        The Guangdong-Hong Kong trade corridor showed robust trade activity, injecting vitality into the development of the Greater Bay Area's outward-oriented economy. The total import and export value between Guangdong and Hong Kong reached 252.04 billion yuan in the first quarter, a 14.1% increase year-on-year.