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Wenzhou's Foreign Trade Value Topped 200 Bln Yuan in 2020
Date:2021-01-31 09:30:16 Source:Wenzhou·China Fonts:[ Large Medium Small ]

It is learned from Wenzhou Customs that Wenzhou’s total import and export value in 2020 reached 218.97 billion yuan, a rise of 15.1% year-on-year, the growth is 5.5 percent higher than that of the province in the same year. Among the total, exports were 187.81 billion yuan, an increase of 11.4% year-on-year, and imports hit 31.16 billion yuan, a jump of 43.8 %. The data shows that Wenzhou's foreign trade has steadily bottomed out since the beginning of 2020, showing a growth against the downtrend last year.

The Customs’ statistics show that in 2020, Wenzhou's growth rate of import and export value, export value, and import value was 5.5, 2.3, and 32.6 percent higher than that of the province respectively, contributing 0.9, 0.8, and 1.2 percent to province’s foreign trade growth. Wenzhou's proportion of import and export value in the province has further increased to 6.5%, of which exports and imports increased by  0.2 and 0.8 percent respectively compared with those in 2019.  With the strong growth of imports and the gradual recovery of exports, Wenzhou City has achieved monthly positive growth in imports and exports for 10 consecutive months since March 2020, of which the growth rate in 8 months was higher than that of the province.

In the context of an increasingly complex and severe international economic and trade environment, Wenzhou’s private enterprises adopted flexible measures to adapt to the drastic changes in the foreign trade situation, to which they are responsive, becoming a main force driving the growth of foreign trade.  In 2020, the city's private enterprises achieved a total value of import and export up to 206.49 billion yuan, accounting for 94.3% of the city's total foreign trade value and contributing 16.3 percent to the city's total growth in the same year, which highlights the positive role of the private economy in promoting the city's foreign trade.

In 2020, market procurement and cross-border e-commerce, as the new momentum of foreign trade and an important engine to resist the downside risks of foreign trade, achieved rapid development. The market procurement export reached 40.38 billion yuan, a jump of 48.0% YoY, accounting for 21.5% of the city’s total export value in the same year, and contributing 67.9% to the city’s export growth, which drove the city’s export growth by 7.8% and the province’s export growth by 0.6 percent.

The import and export in emerging markets have continued to increase.  In 2020, Wenzhou City’s imports from ASEAN were 13.36 billion yuan, a rapid year-on-year increase of 72.2%. In addition, the city’s exports to ASEAN increased by 43.3%, and those to the Middle East regions increased by 29.3%, which are 28.7 and 22.1 percent higher than the province's export growth respectively.  In the same year, the city’s exports to RCEP free trade agreement member countries increased by 37.3%; its value of import and export to countries along the Belt and Road accounted for 46.0% of the city’s total, up 3.1% YoY .

In terms of export products, the export of anti-epidemic materials and "home economy" products are on the upswing with the foreign trade recovering.  In 2020, the city export of anti-epidemic materials maintained rapid growth, and that of face masks reached 4.22 billion pieces, valued at 11.64 billion yuan and accounting for 10.1% and 18.7% of the province's total exports of masks respectively; the export of medical instruments increased by 31.7%, and that of medical materials and medicine by 59.0%, which were 0.1 and 13.9 percent higher than the province's export growth respectively.  In the same year, the city’s "home economy" product exports maintained rapid growth, of which bicycles soared by 550.7%, sporting goods and equipment, lamps, household appliances, furniture and toys increased by 72.1%, 24.6%, 69.9%, 88.5% and 54.0% respectively. The six types of commodities in total drove the city’s export growth by 3.3%.

Meanwhile, export products are showing an upward trend in the value chain.  In face of difficulties and pressures, the city’s production-oriented foreign trade enterprises have steadily strengthened their innovation capability, further optimizing the structure of export products.  In 2020, exports of mechanical and electrical products accounted for 47.6% of the total, a rise of 1.4 percent YoY, the export of high-tech products, such as those of life science, electronics, computer, and communication and optoelectronics was brisk, with the growth rate of 22.0%, 34.6%, 77.6%, and 23.1% respectively.

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