Guangdong province has reported notable growth in imports of electromechanical and energy products during the first half of 2024, highlighting a strong economic rebound and increased domestic demand. Recent data shows that the province’s imports of mechanical and electrical products rose by 23.6 percent year-on-year, making up 64.2 percent of the total import value for the region.
The import of integrated circuits reached 527 billion yuan ($73.2 billion), marking a 21.3 percent increase compared to the previous year. Additionally, automatic data processing equipment and components saw a rise, amounting to 105.6 billion yuan, a 6.9 percent year-on-year growth. Imports of semiconductor manufacturing equipment were valued at 29.5 billion yuan, reflecting a remarkable 2.4-fold increase. Energy product imports, including coal, crude oil, and natural gas, totaled 49.6 million metric tons, valued at nearly 68.9 billion yuan from January to June. These figures represent year-on-year increases of 38.9 percent in volume and 17.6 percent in value.
The province, recognized as China’s leading foreign trader, demonstrated strong trading performance with major partners such as the Association of Southeast Asian Nations (ASEAN) with a 12.3 percent increase, Hong Kong with a 16.9 percent rise, the United States with a 10.6 percent growth, the European Union with a 7.1 percent increase, and Taiwan with a 17.2 percent rise.
Trade with Belt and Road Initiative countries reached 1.64 trillion yuan in the first half of the year, up 12 percent, while trade with Regional Comprehensive Economic Partnership (RCEP) member countries amounted to 1.24 trillion yuan, a 12.5 percent year-on-year increase.
The total foreign trade volume for the first half of the year was 4.37 trillion yuan, a 13.8 percent increase from the previous year, which is 7.7 percentage points higher than the national average. The province accounted for 20.6 percent of China’s total trade volume during this period.
From January to June, the province imported products worth 1.52 trillion yuan, a 17.1 percent year-on-year increase, and exported commodities valued at 2.85 trillion yuan, a 12.1 percent year-on-year rise.
The Guangdong-Hong Kong-Macao Greater Bay Area also hit a record high with a foreign trade volume of 4.2 trillion yuan in the first six months of the year, a 14.1 percent increase, representing 19.8 percent of China’s total trade volume.
#ITCNewsUpdates #BreakingNews #TradeNews #EconomicGrowth #ImportExportNews
