Shenzhen Trade Surges as Greater Bay Area Enterprises Accelerate Global Expansion

Financials Author: EqualOcean News, ChenZhiheng Jun 20, 2024 03:01 PM (GMT+8)

According to recent data from Shenzhen Customs, the city's total import and export volume reached 1.81 trillion yuan in the first five months of this year, marking a 34.3% year-on-year increase. Exports rose to 1.16 trillion yuan, up 37.2%, while imports grew to 652.54 billion yuan, an increase of 29.4%. This surge is attributed to the China-Europe freight trains (Shenzhen), which have provided a robust development channel for international trade, enabling an increasing number of enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area to actively expand their overseas markets and participate in global cooperation.

The China-Europe freight train service, a key initiative under the Belt and Road Initiative (BRI), has significantly bolstered trade between Shenzhen and BRI countries. In the first five months, Shenzhen's trade with BRI nations reached 660.06 billion yuan, up 45.8%, while trade with members of the Regional Comprehensive Economic Partnership (RCEP) amounted to 522.2 billion yuan, up 48.5%.

Shenzhen's robust manufacturing base has also been a critical driver of foreign trade growth. Products known as the "new three treasures" of Shenzhen's exports—photonics, electronics, and lithium—have shown strong growth momentum. Statistics indicate that mechanical and electrical products, which accounted for nearly 70% of Shenzhen's exports, totaled 781.67 billion yuan in the first five months, up 21.7%, representing 67.4% of the city's total exports. Notably, the export value of electric vehicles reached 9.58 billion yuan, up 30.7%.

These figures demonstrate that Shenzhen is not only maintaining strong growth in traditional trade sectors but also showcasing formidable competitiveness and market vitality in emerging industries. Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area are increasingly adopting proactive international strategies, further enhancing their competitiveness and influence in the global market.