The province’s foreign trade imports and exports in the first quarter grew steadily from last year and continued to outpace the major coastal provinces and municipalities.
According to the statistics of Nanjing Customs, the import and export of Jiangsu's foreign trade in the first quarter was 975.1 billion yuan, a year-on-year increase of 10.5%, and the growth rate was higher than the national average.
While maintaining the total volume to continue to grow steadily under the huge volume, the province also demonstrated obvious optimization trend of foreign trade diversifications.
The import and export of general trade reached 474.88 billion yuan in the first quarter, an increase of 10.1% and accounting for 48.7% of the national total. The import and export of processing trade reached 379.84 billion yuan, an increase of 0.6% and accounting for 39% of the national total.
The general trade with a longer industrial chain and higher value-added rate is increasingly becoming the main driving force for Jiangsu's foreign trade.
Judging from the composition of export products, the key export industries in the province also showed a good momentum of growth due to the continuous improvement of international competitiveness of products brought about by the strengthening of independent innovation.
Recently, XCMG Group, the world's largest crane manufacturer, exported 260 new-type heavy-duty cranes to Russia and Central Asia, marking China's largest single export of heavy-duty cranes to the region.
In the first quarter of this year, the continuous export of high-end products generated 210 million U.S. dollars of operating revenue in the first quarter for XCMG, an increase of 89.04% year-on-year.
Judging from trade entities, the imports and exports of the province’s domestic-funded enterprises spearheaded the trend. In the first quarter, the import and export of the province’s private enterprises increased by 14.4%, while the imports and exports of state-owned enterprises increased by 31.5%, accounting for 27.1% and 10.2% respectively. The structure of Jiangsu’s foreign trade was made more stable and more vigorous.
(Source: Jiangsu International Channel)
