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Wenzhou's Imports & Exports of January-August: a 2nd Growth Rate in Zhejiang
【Fonts: Large Medium Small 【Source: Wenzhou·China 【Date: 2019.09.29】

According to Wenzhou Customs statistics, Wenzhou’s total foreign trade volume reached RMB 120.292 billion from January to August in 2019, up 22.51% year on year, ranking the second in growth of Zhejiang province. The exports hit RMB 105.976 billion, up by 27.42%. The imports registered RMB 14.316 billion, down by 4.67%. The trade surplus was RMB91.661 billion. In particular, the trade volume grew rapidly in August and stood at RMB19.17 billion, an increase of 36.24%, ranking the 1st in Zhejiang.

An analysis of the statistics of the eight months indicates the details as follows: the exports of electro-mechanical products and labor-intensive products grew rapidly while the import edged down.

Specifically, from January through August, there was a 30.62% rise of Wenzhou’s electro-mechanical exports, of which the mechanical equipment increased by 35.57%. Meanwhile, there was also a 20.98% rise of the exports of labor-intensive products, of which the shoes exports increased by 10.49% to RMB21.352 billion, accounting for 51.04% of the total shoes export volume of Zhejiang. Plastic products exports and toy exports increased two more times respectively. The combined exports of electro-mechanical products and labor-intensive products accounted for 87.15% of the total export volume of Wenzhou. The new and high-tech product exports grew by 52.83%, continuing to grow rapidly.

In terms of international markets, the trade with countries involved in the “Belt and Road Initiative” (BRI) was active, and the trade growth continued to see strong demand from ASEAN, EU, and Africa. From January through August, the trade volume with BRI countries reached RMB49.524 billion, an increase of 26.65%, making up 41.17% of the city’s foreign trade volume (including exports totaled RMB43.506 billion, an increase of 40.03%). Over the same period, the trade with ASEAN, Africa and EU (accounting for 25.01% of the total trade volume) went up by 98.29%, 50.05% and 11.01%, respectively.

It’s worth noting that Wenzhou’s exports grew rapidly through the Way of Market Procurement from January through August, which increased to RMB13.783 billion, taking up 13.01% of the exports volume. There were about 170 enterprises with exports records. The exports of electro-mechanical products and labor-intensive products maintained the Way of Market Procurement, to RMB5.501 billion and RMB4.948 billion respectively. Over the same period, among the exports of types of labor-intensive products, there were toys, plastic products, furniture, and its parts sharing a large proportion, while shoes less proportion. “It is the Way of Market Procurement that contributes the rapid growth of exports” said an insider from Wenzhou Customs. Without the enhancement of the Way of Market Procurement, the exports merely increased by 4.41% from January through August.

Meanwhile, the import of Iron Alloy doubled. The imports of steel materials, liquefied gas, etc. dropped significantly. According to Wenzhou Customs statistics, among the whole import products, the imports of iron alloy and log increased by 1.55 times and 6.15%, respectively. However, the imports of liquefied gas, steel materials, and plastic in primary form dropped by 21.26%, 20.27%, and 15.12%, respectively. The Customs revealed that the imports of steel billet and upset forging (ranking the top of import volume last year) plummeted by 82.52% from January through August. Among the top five of import volume last year, it was only the import of Iron Alloy that doubled. While the imports of steel billet and upset forging, steel materials, plastic in primary form and liquefied gas dropped dramatically. Therefore, the total imports from January through August edged down slightly.

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