The trade war is continuing to have a drag on Shenzhen’s economy, latest data shows. According to the Shenzhen Daily, exports have slowed to 3.8% growth in the first ten months of the year. That is down from the 4.8% growth recorded in the first nine months.
No data was provided for imports, which have been in negative territory since the start of the year. Total trade was RMB 2.39 trillion, of which exports were RMB 1.35 trillion.
The EU continued to provide ballast while trade with the US has been falling. Although it was also slowing, from 15.5% in the first nine months to 15% once October was included. Belt and Road Initiative countries came next, at 12.3% (up from +5.7%). ASEAN countries were up just 2.2% (down from +2.7%).
Private enterprises saw trade growth of 4.4%, but this was down from 5.1%. Yet because SOEs fell faster, private firms held on to their greater share, at 57.5% (fractionally down from 57.7%) of total trade.
Tech products stayed just above the red line, growing 1.4%, while traditional labor-intensive trade was up 11.5%. Tablet computers jumped 34.6%, while lamps were up 17.3% and ceramic products rose 25.4%.
Meat imports dominated growth data, rising 50.1%, while pharmaceuticals jumped 21.9%.
Read more (in Chinese).