China's Guangdong sees foreign trade recovery in Q1

GUANGZHOU, April 18 (Xinhua) -- South China's Guangdong Province saw its foreign trade total 1.84 trillion yuan (about 267 billion U.S. dollars) in the first quarter of 2023, local customs authorities said on Tuesday.

During the period, the province's exports climbed 6.2 percent year on year to hit 1.22 trillion yuan.

Notably, Guangdong's total import and export value reversed earlier declines and grew 3.9 percent year on year in February. In March, its foreign trade grew 25.7 percent year on year.

Guangdong's first-quarter foreign trade demonstrates the strong resilience and vitality of the province's economy, laying the foundation for achieving its annual growth target, said Wen Zhencai, an official of the Guangdong branch of the General Administration of Customs.

As China's leading foreign trade player, Guangdong has set a foreign trade growth target of 3 percent for 2023.

Guangdong's high-tech and eco-friendly products with high added value led the province's export growth during the first quarter, the customs authorities said.

The province's exports of electric passenger cars, lithium-ion batteries and solar batteries posted robust growth, increasing 10.5 times, 50.5 percent and 1.2 times, respectively.

More than half of Guangdong's foreign trade was contributed by its private sector, with the total import and export value of local private enterprises at 1.1 trillion yuan in the first quarter, up 5 percent. The number of foreign trade enterprises with import and export deals in Guangdong reached 91,000, a year-on-year increase of 8.8 percent.

During the same period, the Association of Southeast Asian Nations (ASEAN) remained Guangdong's largest trade partner, with trade growth of 10.6 percent. Guangdong's trade with countries along the Belt and Road grew 10.9 percent year on year, accounting for about one-third of its total trade.

The steady recovery of China's economy, favorable policies aiming to stabilize foreign trade, the accelerated implementation of major projects, new deals inked during exhibitions and events like the ongoing Canton Fair, and increasing enterprise confidence are expected to provide solid support for the development of Guangdong's foreign trade, according to Wen.