Foreign trade volume in east China’s Jiangsu province posted steady increase in January with both imports and exports rising higher than expectations, according to the latest figures from the Nanjing Customs.
East China’s Jiangsu province posted 370.65 billion yuan of foreign trade volume in January, up 5.6% year on year, latest figures from the Nanjing Customs show. The province’s exports increased 8.7% to 222.54 billion yuan while imports surged 1.3% to 148.11 billion yuan. The import and export of general trade rose 11.1%, accounting for more than half of the total.
While stabilizing growth, Jiangsu registered further optimization of the trade structures as foreign trade enterprises in the province took the initiative to cope with the complicated and ever-changing international trade situation, continuously increased innovation and research and development, expanded their own brands, and strived to create new competitive advantages.
By strengthening independent research and development, Suzhou Lexy Electric has continuously increased the added value and market competitiveness of its clean electrical products, enabling its products to be sold to more than 100 countries around the world and its export volume in January to surge 15% year on year.
Lexy is in good company when it comes to fueling the growth of foreign trade by private enterprises. In January, private enterprises in Jiangsu posted 110.74 billion yuan of imports and exports, accounting for a greater proportion in the provincial total and enhancing the vitality of the province’s foreign trade growth. High value-added mechanical and electrical products continued to dominate the exports during the period.
In the meantime, Jiangsu forged more trade partners by benefiting from the country’s Belt and Road initiative, as is evidenced by the surge in the imports and exports with Belt and Road countries in January. Its trade volume with Singapore, Vietnam and Malaysia edged up by 48.8%, 23.6% and 24.5% from a year ago.
In 2019, Jiangsu's foreign trade enterprises will give full play to the province’s role of being the junction of the Belt and Road initiative to support the exploration of diversified international markets in an all-round way, strengthen the construction of overseas marketing service networks, expand the international market share of Made in Jiangsu products, and increase the imports of advanced technology and high-end equipment, key components and high-quality consumer goods so as to promote industrial transformation and consumption upgrading, foster new modes of foreign trade, promote the stability of foreign trade, and sharpen up the competitiveness in the new round of opening up.
(Source：ourjiangsu.com)
