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Jiangsu Province has shown strong performance in foreign trade, with total imports and exports reaching $226.42 billion from January to May, marking a 6.1% year-on-year increase. This growth outperformed the national average by 5.9 percentage points, highlighting the province’s robust economic momentum. Exports totaled $134.24 billion, up 4.9%, while imports reached $92.22 billion, rising 7.8%. Jiangsu's trade volume ranks second nationally, accounting for 13.5% of China’s overall foreign trade.
In response to the State Council’s call for stable growth in foreign trade, Jiangsu introduced a comprehensive plan comprising 21 measures aimed at boosting imports, fostering new trade models, and providing financial support. These initiatives involve multiple government units and focus on stabilizing the foreign trade environment through policy enhancements and targeted assistance.
According to data from the General Administration of Customs, China’s total import and export value for the first five months stood at $1.679 trillion, reflecting a modest 0.2% growth. Exports declined slightly by 0.4%, while imports increased by 0.8%. In comparison, Jiangsu’s performance is more favorable, showcasing its role as a key player in the country’s trade landscape.
Shanghai and Zhejiang, both part of the Yangtze River Delta, have also seen improved foreign trade results. Shanghai recorded a 14.7% year-on-year increase in April, with its total import and export volume reaching $39.403 billion. Zhejiang experienced two consecutive months of over 10% export growth in March, significantly exceeding the national average. These developments indicate a positive shift in the region’s trade dynamics.
Jiangsu has implemented various policy measures to strengthen its foreign trade sector. The provincial government has enhanced financial support for foreign trade service enterprises, including discounted interest rates on loans. It has also expanded credit facilities for large enterprises and supported small and medium-sized foreign trade companies through institutions like the Export-Import Bank. A dedicated fund for enterprise internationalization encourages overseas investment, which in turn boosts exports.
Additionally, Jiangsu plans to expand export credit insurance coverage, aiming for underwriting exceeding $50 billion. Key industries will benefit from adjusted underwriting rates and improved quota satisfaction. The province has also streamlined tax rebate procedures, ensuring faster processing times for eligible exporters.
Before Jiangsu’s 21-point plan, Guangdong released its own implementation plan to stabilize foreign trade. It focused on expanding imports, halting export declines, promoting new trade formats, and upgrading traditional trade practices. Guangdong also offered financial incentives, such as a 5 million yuan reward for foreign trade service companies with annual exports exceeding $1 billion.
Experts note that the Yangtze River Delta accounts for one-third of China’s total foreign trade, making its stability crucial for the national economy. Shanghai’s first-quarter import and export volume reached $109.54 billion, growing 8.2% year-on-year. High-tech and mechanical products played a significant role in this growth, with exports of high-tech goods rising 13.9% in April.
Zhejiang’s foreign trade has also shown improvement, with exports increasing by 12.2% in April. While labor-intensive industries have seen slower growth, high-tech product exports are accelerating. In the first quarter, Zhejiang exported $7.59 billion worth of computer and communication products, a 18.4% rise compared to the previous year.
Overall, Jiangsu, Shanghai, and Zhejiang are demonstrating resilience and adaptability in the face of challenging global conditions, driven by strategic policies and a focus on innovation and technology.