(CFP Photo)

Jiangsu’s foreign trade showed a gradual recovery throughout 2023, reaching a total of 5.25 trillion yuan, which accounted for 12.6% of the China’s total, according to Nanjing Customs.

Notably, the fourth quarter witnessed a 7.3% year-on-year surge in imports and exports, totaling 1.42 trillion yuan.

The development of Jiangsu’s foreign trade in 2023 showed four main characteristics.

Firstly, a rapid recovery of processing trade, which amounted to 1.66 trillion yuan, 31.6% of the total, and expanded by 19.1% year-on-year in the fourth quarter.

Secondly, an ever-growing role of private enterprises, with their foreign trade value growing by 21.2% in the fourth quarter, reaching 48.8% of the provincial total and surpassing the share of foreign-invested enterprises (46.4%).

Thirdly, an increasing foreign trade with countries involved in the Belt and Road Initiative. The province’s trade with BRI countries (including ASEAN and South Korea) reached 2.25 trillion yuan, a year-on-year increase of 0.9%, and this represented 42.9% of the province’s trade value. Furthermore, Jiangsu’s trade with the Middle East, Africa and India grew by 19.7%, 8.9% and 6.9%, respectively.

Fourthly, an increase in the exports of mechanical and electrical products that totaled 2.3 trillion yuan in 2023, a 0.4% year-on-year growth. Notably, exports of cell phones and ships saw significant increases of 69.1% and 37.1%, respectively.