Jiangsu’s foreign trade in Q1 in steady recovery

2023-04-23 14:12:00

In the first quarter of this year, Jiangsu's foreign trade reached 1.2 trillion yuan, a 6.7% decrease compared to the same period last year.

(CFP Photo)

In March, the province's exports showed positive growth over the same month last year. The growth rate of imports continued to lag behind that of one year ago but it accelerated by 9.1 percentage points from the pace recorded two months ago. Jiangsu’s general trade declined 2.9% to 695.2 billion yuan in the first three months compared with the same period last year. The processing trade reached 372.89 billion yuan, down 11%. In the first quarter, the province's private enterprises realized foreign trade of 504.33 billion yuan, an increase of 7.6%.

ASEAN has risen to be the province's largest trade partner, registering 193.43 billion yuan and a growth of 6.7%. Jiangsu’s trade with European Union, the United States, South Korea and Japan hit 188.37 billion yuan, 157.37 billion yuan, 114.95 billion yuan and 97.18 billion yuan, respectively, down 4.2%, 6.4%, 20.1% and 9.4%.

Jiangsu’s imports and exports volume with countries involved in the Belt and Road Initiative totaled 356.09 billion yuan, an increase of 6.6%. The province’s trade with Latin America, the Middle East and Africa went up 4.3%, 8.6% and 8.3%, respectively.

The proportion of exports of new energy products significantly increased in the period. The province's exports of machinery and electronic products reached 529.9 billion yuan, down 1.3%, accounting for 67.9% of the province's total exports.