The US-China trade war appears to be a diminishing concern for city leaders in Shenzhen, judging by the latest data from the city’s Customs department.
According to the Shenzhen Daily, in August, Shenzhen’s exports shot up 11.1% YoY, bringing its total for the first eight months to RMB 1.4 trillion, up 5.5%. Driving this was trade with the EU and countries along the Belt and Road Initiative. Although it is now standard practice in mainland media reports to not mention trade with the US, the data shows trade with the EU came in at RMB 28.93 billion in August, up a healthy 25.2% YoY. Countries along the Belt and Road Initiative were RMB 58.37 billion, up 9.2% YoY.
Export tax rebates appear to have helped, as exports of Christmas products and ceramic products increased by more than 80%, while household electrical appliances rose by more than 20%.
Private enterprises continued to take market share from SOEs. In August, the split went to 60/40, up 3.6 percentage points from July.
Food held up the import numbers. In August, agricultural products rose 17.1%. Fresh fruits and nuts, meat and chop, seawater products and other consumer products increased by more than 20%.