Jiangsu's Foreign Trade Hits Record High for Jan-Oct Period with 5.9 Percent Growth

For the January-October period, Jiangsu Province recorded import & export values of 4.88 trillion yuan, marking a year-on-year increase of 5.9 percent. This growth rate exceeded the national average by 2.3 percentage points and constituted 13.1 percent of China's total foreign trade. Notably, exports rose 9.5 percent to 3.25 trillion yuan, while imports fell 0.4 percent to 1.63 trillion yuan.

Key Takeaways from Jiangsu's Jan-Oct Foreign Trade Data:

General trade remained dominant as processing trade expanded its share. In the first ten months, imports and exports conducted under general trade terms grew 4.2 percent to 2.74 trillion yuan, making up 56.2 percent of the province’s total. Additionally, processing trade increased 9 percent to 1.61 trillion yuan during the same period.

State-owned enterprises rocketed as private and foreign-invested firms posted steady gains. The total imports and exports of foreign-invested enterprises in Jiangsu from January to October rose 5.3 percent to 2.28 trillion yuan, accounting for 46.8 percent of the provincial total, while private enterprises saw a 4.3 percent increase to 2.17 trillion yuan, representing 44.4 percent. In addition, state-owned enterprises witnessed the fastest growth, soaring 19.1percent to 428.19 billion yuan.

Trade with partner countries in the Belt and Road Initiative (BRI) hits 50 percent, driving provincial growth. Jiangsu's trade with BRI partner countries surged 11.7 percent to 2.44 trillion yuan, bolstering the province's overall growth by 5.5 percentage points. Meanwhile, its share of Jiangsu’s total trade expanded 2.6 percentage points year-on-year to 50 percent. Notably, its imports and exports with the Association of Southeast Asian Nations (ASEAN) leapt 22.1 percent to 882.16 billion yuan. Trade with the EU and Latin America also increased, reaching 683 billion yuan and 337.47 billion yuan, up 5.2 percent and 3.2 percent, respectively.

Imports of consumer goods continue to expand. Imports of mechanical and electrical products climbed 4.2 percent to 947.39 billion yuan in the Jan-Oct period, expanding their share of the province's total imports by 2.6 percentage points year-on-year to 58.1 percent. Elsewhere, imports of consumer goods grew 1.5 percent to 93.77 billion yuan, with purchases of basic organic chemicals also inching up 0.9 percent to 75.07 billion yuan.

Disclaimer：The above content is translated from Chinese version of Nanjing Customs. The Nanjing Customs version shall prevail.