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Chongqing's Foreign Trade Hit a Record High in Q1 2021

By VIVIAN YANICHONGQING|Apr 24,2021

In the first quarter of 2021, Chongqing’s total foreign trade value reached 180.24 billion yuan (about 27.77 billion U.S. dollars), hitting a record high, according to Chongqing Customs Wednesday.

Chongqing Customs assisted the export of the first batch of Zhongshan fir seedlings in the Three Gorges Reservoir area. (Photo/ Chongqing Customs)

Specifically, the city’s total foreign trade value jumped 60.4% year-on-year and climbed 37% from two years earlier. The growth rate is 31.2 percentage points higher than the overall growth rate of the country, achieving a good start of Chongqing’s foreign trade during the 14th Five-Year Plan period.

Chongqing stabilized the development of enterprises by improving the construction of the New International Land-Sea Trade Corridor and ensuring the continuity and stability of foreign trade policies.

Chongqing Customs made sure a fast customs clearance for imported barley.

Meanwhile, it endeavored to guarantee stable supplies of the autos, electronic products and equipment overseas, safeguard logistics of China Railway Express and cross-border highway regular lorries and monitor and analyze the operation of key enterprises. In this way, it strove to solve difficulties in employment, logistics, customs clearance and other aspects, so as to ensure the fulfillment of the contracts by enterprises.

In the first quarter, Chongqing’s exports surged 75.7% to 112.32 billion yuan and imports increased by 40.2% to reach 67.92 billion yuan. In March, the city’s import and export volume totaled 64.06 billion yuan, up 45.2% from a year earlier. In breakdown, the value of exports reached 40.06 billion yuan, an increase of 57.5%, while that of imports amounted to 24 billion yuan, a rise of 28.3%.

Through the study and development of the municipal work measures for complaints of foreign-funded enterprises, and the improvement of the steward system for foreign administrative services, Chongqing has optimized the services offered to foreign-funded enterprises and enhanced their confidence in development in the city.

In the first quarter, Chongqing’s foreign-funded enterprises, private enterprises and state-owned enterprises saw the foreign trade value of 88.24 billion yuan, 75.07 billion yuan and 16.75 billion yuan respectively, up 39.1%, 100% and 45.9% respectively.

Since 2020, Chongqing has held several online exhibitions targeted at people in ASEAN countries, South America and China’s Hong Kong together with relevant departments and bureaus under the Ministry of Commerce of the People’s Republic of China, China Council for the Promotion of International Trade and national chambers of commerce and associations.

Through attracting foreign investment online, Chongqing promoted products made in the city and helped foreign trade enterprises to deepen their development in traditional markets like the United States, the EU, Japan and South Korea.

Besides, the city also supported these enterprises in stabilizing business orders through the expansion of emerging markets, with great potential like countries along the Belt and Road and South America, with the focus on ASEAN countries.

In the first quarter, the value of Chongqing’s foreign trade with ASEAN countries, the EU and the United States reached 30.21 billion yuan, 28.21 billion yuan and 25.96 billion yuan respectively, with respective increases of 30.8%, 59.4% and 110%. During the same period, the total value of foreign trade with countries along the Belt and Road amounted to 50.17 billion yuan, up 48.2%.

Additionally, the city supported competitive industries like autos, motorcycles and equipment manufacturing in building overseas marketing service networks, including overseas warehouses, after-sales maintenance outlets and logistics distribution centers in such key markets, involving the United States, the EU, South America, Africa and ASEAN countries. That is also the reason why Chongqing’s international competitiveness keeps improving.

Chongqing Customs supervises the loading, unloading and swapping of waterborne goods. (Photo/ Chongqing Customs)

In the first quarter, Chongqing’s exports witnessed the growth of 78.8% to 43.39 billion yuan in laptops, a rise of 24.5% to 7.33 billion yuan in integrated circuit, a surge of 520% to 6.66 billion yuan in mobile phones, a hike of 66% to 3.43 billion yuan in motorcycles and an increase of 64.7% to 2.5 billion yuan in autos.

Furthermore, the city is committed to expanding the import of goods such as maternal and child supplies, autos, clothing and pharmaceuticals as well as services in education, medical care, culture and entertainment. It aims to drive the construction of itself as an international consumption central city with imports.

According to relevant statistics, the imports of fruits, passenger vehicles and cosmetics jumped 100%, 2020% and 140% respectively in the first quarter and they facilitated an import rise of 39.1% to 3.91 billion yuan in consumer goods.

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