Guangdong province in South China saw a significant increase in foreign trade in July, reaching a volume of over 800 billion yuan ($111.4 billion), which is a 15.5 percent rise compared to the previous year, as reported by Guangdong Customs. This marks the fourth consecutive month of double-digit growth in exports for Guangdong, highlighting a strong economic recovery and robust domestic demand in the region, known as a key global production hub.
In July alone, Guangdong exported products worth 519.57 billion yuan, showing a 16.5 percent increase from the previous year. Additionally, the province imported goods valued at 280.46 billion yuan, marking a 13.8 percent year-on-year growth. This outstanding performance in foreign trade for the month of July indicates a positive outlook for Guangdong, as the province heavily relies on foreign trade for sustainable economic development.
For the first seven months of the year, Guangdong’s total export and import volume surpassed 5.17 trillion yuan, showing a 13.9 percent year-on-year increase, which is 7.7 percentage points higher than the national average. Exports from the province rose by 12.6 percent year-on-year, reaching 3.36 trillion yuan, while imports increased by 16.5 percent year-on-year, amounting to 1.81 trillion yuan.
Guangdong’s foreign trade volume accounted for 20.8 percent of the country’s total trade volume from January to July. The province has not only maintained its strong presence in traditional markets but has also seen growth in emerging markets since the beginning of the year.
In traditional markets such as the Hong Kong Special Administrative Region, the United States, the European Union, Japan, and South Korea, Guangdong experienced positive growth in imports and exports. Moreover, trade with emerging markets like the ASEAN countries, Latin America, 17 Middle Eastern nations, and five Central Asian countries also increased significantly, with growth rates of 13 percent, 20.8 percent, 16.1 percent, and 31.1 percent year-on-year, respectively, in the first seven months of the year.
This continuous growth in foreign trade for Guangdong reflects the province’s ability to adapt to changing market dynamics and capitalize on both traditional and emerging opportunities. The province’s strong performance in exports and imports not only contributes to its own economic development but also plays a crucial role in driving overall national trade growth. As Guangdong remains a key player in global trade, its success in foreign trade is a positive indicator for the broader economic landscape in China and beyond.