China’s Dongguan's foreign trade hits USD40.7B in January-March
Date
4/23/2024 3:23:08 AM
(MENAFN) In the first quarter of this year, Dongguan, a prominent manufacturing hub in south China's Guangdong Province, recorded a total foreign trade volume of 289.13 billion yuan (approximately 40.7 billion U.S. dollars), maintaining its position as the second-largest in Guangdong, according to local authorities.
Notably, the city's import and export growth rate during this period marked its highest since 2022, with a year-on-year increase of 0.6 percent. Specifically, Dongguan saw a 5.2 percent increase in exports of integrated circuits and a notable 24.2 percent increase in exports of flat panel display modules.
Moreover, more than 80 percent of Dongguan's imports comprised mechanical and electrical products, marking a 5.5 percent increase. Within this category, imported integrated circuits saw a notable increase of 7.5 percent.
Dongguan also experienced significant growth in trade with emerging markets such as India, Brazil, and South Africa, with increases of 8.9 percent, 15.6 percent, and 45.8 percent, respectively.
Furthermore, Dongguan's adoption of new forms of foreign trade saw rapid growth, particularly in cross-border direct purchase exports and cross-border e-commerce exports, which increased by 26.1 percent and a staggering 565.8 percent, respectively.
These positive developments follow Dongguan's resurgence in import and export activity since October of the previous year, culminating in a total annual foreign trade value of 1.28 trillion yuan in 2023.
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