Shenzhen's private economy drives trade performance

For the month of August alone, Shenzhen's trade volume reached 360 billion yuan, up by 29.4 percent.

Photo from CFP

Photo from CFP

By ZHANG Xilong


According to Shenzhen Customs, in the first eight months of 2023, Shenzhen’s total import and export volume reached 2.4 trillion yuan, an 8.1 percent year-on-year increase, surpassing both national and Guangdong province levels. 

Specifically, exports amounted to 1.5 trillion yuan, a 19.4 percent growth, while imports stood at 870 billion yuan, a decline of 7.1 percent.

For the month of August alone, Shenzhen's trade volume reached 360 billion yuan, up by 29.4 percent. This consisted of 240 billion yuan in exports (a 48.1 percent increase) and 120 billion yuan in imports (a 3.3 percent increase).

Private enterprises are the driving force behind Shenzhen's foreign trade growth. In the first eight months, these enterprises accounted for 65.3 percent of the total.

Shenzhen has nearly 2.4 million private enterprises. In the first half of this year, GDP grew by 6.3 percent, with the private economy contributing to approximately 60 percent of this growth.

In mid-August, Shenzhen released measures to promote the growth of the private economy, including easing market access, protecting legal rights and addressing overdue payments.

Looking at product categories, over 70 percent of exports were in electromechanical products, while the export EV exports are six times higher. The EU is beginning an investigation into electric cars imported from China, which Wei Fulei of the Shenzhen Institute for Comprehensive Development and Research, believes may have an impact on exports.

From January to August, exports of electromechanical products amounted to 1.1 trillion yuan, an 11.8 percent increase, constituting 73.1 percent of the city's total export value. In terms of imports, nearly 80 percent consisted of electromechanical products, with semiconductor manufacturing equipment seeing a significant increase.

Overall, in the first eight months of this year, Shenzhen's foreign trade maintained growth, especially in exports.