Chongqing - Data showed that in March 2023, Chongqing's foreign trade experienced a slight improvement compared to the first two months. High-tech products, represented by electric cars and lithium batteries, have emerged as new growth drivers for Chongqing's exports in the first quarter.

In recent years, Chinese media has dubbed new energy vehicles, photovoltaic products, and lithium battery products as China's "new three items" for foreign trade exports, contrasting with the "old three items" of clothing, household appliances, and furniture.

According to data released by China's General Administration of Customs on April 13, the export of "new three items" products increased by 66.9% in the first quarter, boosting the overall export growth rate by 2%. China views the "new three items" products as a structural opportunity amidst weak global trade.

In the first quarter of 2023, Chongqing exported 84,000 vehicles valued at 7.19 billion yuan, increasing by 31% and 65.9%, respectively. Among these exports, new energy vehicles accounted for 3,076 units, up 116.5%. The export of lithium-ion batteries reached 1.62 billion yuan, representing approximately 60% of the total export value for the previous year.

In the first quarter of 2023, Chongqing achieved the export of 84,000 vehicles, including 3,076 new energy vehicles. (Photo/Seres Group)

In recent years, Chongqing's efforts in industrial upgrading have laid a solid foundation for the "new three items" trade.

The Chongqing government has focused on fostering the export advantages of the "new three items" by building on traditional industries such as automobiles and guiding districts and counties to capitalize on the rapidly growing export opportunities for new energy vehicles and other products. It has actively attracted market-competitive leading enterprises while nurturing mature and emerging export products.

For instance, the import and export industry in Bishan District is gradually transitioning from the traditional laptop industry to the new energy vehicle industry. FinDreams Battery has contributed to nearly 70% of the export growth in Bishan, driving exports to increase by over 33% year-on-year.

Simultaneously, Shapingba District has supported Seres in participating in the Brussels Motor Show, resulting in over 20,000 orders for new cars.

In the first quarter, Chongqing's imports and exports to emerging markets such as South Korea, Russia, and Brazil amounted to 18.93 billion yuan, 5.1 billion yuan, and 2.91 billion yuan, respectively, showcasing year-on-year growth rates of 22.9%, 24.1%, and 10.6%.