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A Good Start Made for the Development of Jiaxing’s Foreign Trade

Release date:2022-07-13 15:19

Jiaxings foreign trade showed a strong development resilience in face of constant international trade frictions and repeated outbreaks of the covid-19. In the first quarter this year, the import and export value of Jiaxing totaled 98.44 billion yuan, up by 21.3% year on year. Of the total, the export value reached 71.11 billion yuan, up by 18.8%; the import value 27.33 billion yuan, up by 28.1%, according to the news released by Jiaxing Customs recently. 

Jiaxing’s export to main export markets all increased. In the first quarter, Jiaxing’s top five export markets were EU, US, ASEAN, India and Latin America. The value of the export to them totaled 14.71 billion yuan, 13.91 billion yuan, 8.19 billion yuan, 4.83 billion yuan and 4.65 billion yuan respectively, achieving a respective year-on-year growth of 39.0%, 12.2%, 6.2%, 110% and 20.8% and promoting the export growth by 6.9, 2.5, 0.8, 4.2 and 1.3 percentage points respectively.

ASEAN played an important role in the growth of import. In the first quarter, ASEAN, South Korea, EU, Japan and Africa were Jiaxings top five import markets. The value of import from them totaled 6.89 billion yuan, 3.27 billion yuan, 3.26 billion yuan, 3.00 billion yuan and 1.78 billion yuan respectively, achieving a respective year-on-year growth of 27.0%, 30.7%, 5.5%, 22.2% and 51.7%, and promoting the import growth by 6.9, 3.6, 0.8, 2.6 and 2.8 percentage points respectively.

Since January 1, 2022, RCEP has entered into force. It is a regional but the largest free trade agreement in the world, accounts for one third of the global economy and enjoys the greatest growth potential. Our foreign trade enterprises have made the best of its rule of origin, and realized tariff concessions by virtue of its “paper gold”- the certificate of the rule of origin, which can release the vitality and potential of the market, commented an official from Jiaxing Customs.   Statistics show that RCEP has brought obvious benefits to the development of Jiaxing’s foreign trade. In the first quarter, Jiaxings export to RCEP members reached 16.31 billion yuan, a year-on-year growth of 7.2%, accounting for 22.9% of the total export value; and import from its members was 14.29 billion yuan, a year-on-year growth of 27.3%, accounting for 52.3% of the total import value.

With the steady construction of the “Belt and Road”, Jiaxing has strengthened its economic and trade relationships with the countries and regions along the “Belt and Road” by the construction of foreign trade platforms and overseas investment. In the first quarter, the value of the export to those countries and regions was 24.63 billion yuan, 27.8% up year on year, accounting for 34.6% of the total export value of Jiaxing; the value of the import from them was 10.13 billion yuan, 46.6% up year on year, accounting for 37.1% of the total import value.

Jiaxing is a large and strong manufacturing city, and the brand Smartly Made in Jiaxing” has made great contributions to its export. Mechanical & electrical products and high-tech products achieved a good export performance and their export value in the first quarter was 36.84 billion yuan and 15.30 billion yuan respectively, up by 20.3% and 35.1% year on year. Of the mechanical & electrical products, the export value of electronic components and mechanical basic parts was 7.32 billion yuan and 3.05 billion yuan respectively, up by 85.8% and 44.0% year on year, according to the statistics.

“On the whole, our import and export have continued the growth, and maintained a positive year-on-year growth for seven consecutive quarters. The year-on-year growth of import and export in the first quarter exceeded 20%, obtaining a ‘steady start’ and laying a good foundation for accomplishing the target of the year, said that official. Since this March, Jiaxing has been hit several times by the repeated outbreaks of the covid-19. In order to help enterprises solve the problems in foreign trade and overcome the negative impact of the epidemic, Jiaxing will make more measures to settle enterprises problems and consolidate the good development momentum of the foreign trade such as providing finance supports, developing cross-border e-commerce, strengthening export rebates and tax cuts and simplifying customs clearance.