Shenzhen's exports rose 24.5% in the first 10 months
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Shenzhen's foreign trade continued to show strong momentum in the first 10 months of this year, with steady and rapid growth driven by a combination of domestic demand and international trade expansion. According to customs data, the city’s total import and export volume reached $145.22 billion in the first half of the year, marking a 27.5% year-on-year increase. This was an improvement compared to the growth rate seen in January to May, with the overall growth rate rising by 6.8% from the first quarter. Exports totaled $83.84 billion, up 21.8%, while imports reached $63.8 billion, increasing by 13.2%. The growth in both exports and imports showed positive signs, with exports growing faster than imports.
Looking at the full 10-month period, Shenzhen’s total import and export value reached $271.41 billion, reflecting a 29.2% year-on-year increase. Exports rose to $157.73 billion, up 24.5%, while imports climbed to $113.68 billion, up 36.2%. The trade surplus for the period stood at $44.05 billion, an increase of 1.8%.
In October alone, Shenzhen’s foreign trade value was $31.77 billion, slightly lower than the previous month’s peak of $33.63 billion but still showing a 31.2% increase compared to the same period last year. Export values reached $18.07 billion, up 19.6%, while imports were $13.7 billion, jumping 50.2% year-on-year.
According to reports, more than 70% of Shenzhen’s trade surplus comes from processing trade. In the first 10 months, processing trade accounted for $145.53 billion, a 29.1% increase, making it the largest trade mode in the city. Exports under processing trade reached $89.19 billion, up 25.2%, while imports under the same category hit $56.34 billion, rising 35.7%. The trade surplus from processing trade was $32.85 billion, up 10.5%, accounting for 74.6% of the city’s total trade surplus.
General trade also showed strong performance, with imports and exports reaching $86.53 billion, up 32.1% year-on-year.
Shenzhen’s trade with its largest trading partner, Hong Kong, totaled $63.45 billion in the first 10 months, up 35.2%—a pace that outpaced the city’s overall trade growth by 6 percentage points. Trade with ASEAN, the U.S., and the EU reached $31.16 billion, $29.48 billion, and $27.45 billion respectively, with increases of 19.4%, 18.9%, and 25.2%. However, trade with India fell by 12.7% to $3.05 billion, as India imposed restrictions on Chinese telecommunications equipment.
In terms of major export products, mechanical and electrical products remained the top category, totaling $121.07 billion, or 76.8% of Shenzhen’s total exports. Electrical and electronic goods accounted for $69.8 billion, up 25.3%, while machinery and equipment exports reached $36.84 billion, rising 32.8%. Traditional labor-intensive goods, such as clothing, furniture, footwear, textiles, and toys, also performed well, with total exports reaching $22.64 billion, up 19.6%.
Customs analysts noted that global economic recovery has led to increased trade protectionism, particularly from developed countries shifting focus to emerging markets. This trend has begun to impact Shenzhen’s foreign trade, prompting companies to seek new market opportunities. Additionally, trade restrictions imposed by India on Chinese telecom equipment have affected key exports like mobile phones and base stations, contributing to the decline in trade with India during the first 10 months.