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Jiangsu Province has reported strong foreign trade performance in the first five months of this year, with total imports and exports reaching $226.42 billion, marking a 6.1% year-on-year increase. This growth outperformed the national average by 5.9 percentage points, highlighting Jiangsu’s robust economic momentum. Specifically, exports rose to $134.24 billion, an increase of 4.9%, while imports climbed to $92.22 billion, up 7.8%. With its share of 13.5% of the country’s total trade volume, Jiangsu remains the second-largest trading province in China.
In response to the State Council’s call for stable foreign trade growth, Jiangsu introduced a comprehensive 21-point plan aimed at boosting trade resilience. The initiative includes measures such as enhancing import support, fostering new trade models, and offering financial incentives. Different government agencies are implementing these policies to stabilize the trade environment and encourage sustainable growth.
According to data from the General Administration of Customs, China’s total foreign trade value for the first five months was $1.679 trillion, reflecting a modest 0.2% increase. Exports dropped slightly by 0.4%, while imports rose by 0.8%. Compared to the national figures, Jiangsu's performance stands out, showcasing the province’s strength in both export and import activities.
The Yangtze River Delta region, which includes Shanghai and Zhejiang, has also shown improved trade dynamics. Shanghai recorded a 14.7% year-on-year increase in April, with its total trade volume reaching $39.403 billion. Meanwhile, Zhejiang saw two consecutive months of exports exceeding 10%, significantly outpacing the national average. These trends indicate a shift in traditional trade patterns and a growing emphasis on high-tech and innovative sectors.
Jiangsu’s policy framework is designed to accelerate the development of foreign trade service enterprises. Financial support is being provided to pilot platforms, including discounted interest rates for loans. Additionally, the province has increased credit facilities for large enterprises and supported small and medium-sized foreign trade firms through institutions like the Export-Import Bank. A dedicated fund for enterprise internationalization is also being established to encourage overseas investments and boost exports.
Export credit insurance coverage is expanding, with an aim to exceed $50 billion in underwriting. Key industries will benefit from reduced underwriting rates and higher quota satisfaction. Tax rebate procedures have also been streamlined, with refunds processed within 15 working days for qualifying businesses.
Similarly, Guangdong released its own implementation plan to stabilize trade growth, featuring seven key policies focused on expanding imports, supporting exports, and promoting digital trade. Guangdong also announced rewards for top-performing foreign trade service companies, offering up to 5 million yuan to those achieving over $1 billion in annual exports.
Experts highlight the importance of the Yangtze River Delta in China’s overall trade strategy, as it accounts for one-third of the nation’s foreign trade. Despite challenges, Shanghai and Zhejiang continue to show positive signs, particularly in high-tech and mechanical product exports. For example, Shanghai’s exports of mechanical and electrical products surged by 17.2% in April, while high-tech exports grew by 13.9%.
Zhejiang’s trade performance has also seen a notable improvement, with exports rising by 12.2% in April. Although labor-intensive industries like textiles and footwear have slowed, high-tech exports are gaining momentum. In the first quarter, Zhejiang exported $7.59 billion worth of computer and communication technology products, a 18.4% increase compared to the previous year.
As the global trade landscape continues to evolve, provinces like Jiangsu, Shanghai, and Zhejiang are playing a critical role in driving China’s foreign trade resilience through policy innovation, financial support, and technological advancement.