Shenzhen's total import and export volume surged in the first quarter, with 1.02 trillion yuan breaking the record for the off-season in the past decade

On April 19, 2024, Shenzhen Customs recently reported that in Q1 of 2024, Shenzhen's foreign trade imports and exports amounted to 1.02 trillion yuan, a year-on-year increase of 28.8%. Among them, exports amounted to 642.44 billion yuan, an increase of 28.2%; Imports reached 377.85 billion yuan, an increase of 29.9%.

From the perspective of trade methods, Shenzhen's general trade import and export and bonded logistics have seen significant growth. Q1 saw an import and export of 582.07 billion yuan through general trade, an increase of 42.7%, accounting for 57%, and a 5.5 percentage point increase in proportion. During the same period, the import and export of bonded logistics reached 244.07 billion yuan, an increase of 29.9%, accounting for 23.9%.

From the perspective of enterprise nature, private enterprises in Shenzhen account for over 70% and are the main driving force for foreign trade growth. In Q1, the import and export of private enterprises in Shenzhen reached 720.96 billion yuan, an increase of 45.2%, accounting for 70.7% of the total import and export value of Shenzhen, an increase of 8 percentage points compared to the same period last year. During the same period, the import and export of foreign-invested enterprises reached 252.63 billion yuan, an increase of 2%, accounting for 24.8%.

From the perspective of import and export products, the export of mechanical and electrical products from Shenzhen in Q1 was 438.99 billion yuan, an increase of 14.4%, accounting for 68.3% of Shenzhen's total export value during the same period. Among them, the total export of mobile phones, computers, household appliances, etc. was 83.66 billion yuan, an increase of 17.8%. In terms of imports, the proportion of mechanical and electrical products exceeded 70% in the first quarter, and the import of computer components doubled. In the first quarter, Shenzhen imported 278.24 billion yuan of mechanical and electrical products, an increase of 24.9%, accounting for 73.6% of Shenzhen's total import value during the same period.

Overall, Shenzhen performed exceptionally strong during the off-season in the first quarter, achieving a new breakthrough in the same period of nearly a decade. In addition, Shenzhen has played an important role in promoting the overall development of Guangdong's foreign trade, accounting for half of Guangdong's foreign trade and injecting new impetus into the high-quality development of Guangdong's foreign trade.