As trade negotiators from the US and China work hard to polish their latest agreement, Shenzhen is providing the Chinese side with confidence. The country’s top technology export machine is doing okay.
Despite a slowdown in trade with its largest traditional trading partner, it would seem that exports to the EU and countries along the Belt and Road Initiative are keeping the engines going in Shenzhen. Exports for the first three quarters are RMB 1.2 trillion, up 4.8% YoY.
Overall trade with the EU during this period was up 15.5%. BRI countries came next, at +5.7%. ASEAN countries were up just +2.7%.
Private enterprises continued to lead the way, up 5.1%, accounting for 57.7% of total trade. This drove the foreign trade growth of the entire city by 2.7 percentage points.
Highlights included electric motorcycles and bicycles. Shenzhen exported 2.471 million of them in the first three quarters, up 54.4%, while their value was RMB 2.21 billion, up 83%.
Import were boosted by agricultural products: Imports of fresh and dried fruits and nuts rose 19.5%; meat by 40.3%; and aquatic and marine products by 28.9%.