(MENAFN) Jiangsu Province, renowned as a prominent manufacturing hub in eastern China, witnessed a robust growth in its foreign trade volume during the first quarter of 2024, as stated by local customs authorities. The province reported a total foreign trade volume of 1.3 trillion yuan (which makes up to USD179.5 billion), marking a notable increase of 9.1 percent in comparison to the same period in 2023.
Exports played a significant role in driving this growth, with exports surging to 829.12 billion yuan, reflecting a substantial increase of 7.5 percent on a yearly basis. Meanwhile, imports saw a considerable uptick as well, totaling 467.99 billion yuan, representing a noteworthy growth rate of 12 percent.
A noteworthy aspect of Jiangsu's foreign trade dynamics is the significant contribution of private enterprises. During the first quarter of the year, private businesses in Jiangsu showed robust performance in foreign trade, with an import and export volume hitting 598.82 billion yuan. This figure reflects a substantial hike of 20.7 percent year on year and accounts for 46.2 percent of the province's total foreign trade volume.
Mechanical and electrical products emerged as the cornerstone of Jiangsu's export portfolio. These products constituted the main export items, with exports of mechanical and electrical goods reaching 569.93 billion yuan in the first three months. This represents a notable increase of 8.9 percent in comparison to the same period last year, underscoring the province's strength in manufacturing and trade in this sector.
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