Shenzhen's foreign trade reached 3.51 trillion yuan (US$491.95 billion) between January and November this year, up by 6.3% year on year, ranking first among the 10 export-oriented cities in the country, data from Shenzhen Customs showed.
In terms of volume, Shenzhen claimed the second spot, following Shanghai.
Exports from Shenzhen reached 2.24 trillion yuan, up by 13.6%, data showed. The volume and growth rate are expected to enable Shenzhen to retain its leading position in exports for 31 consecutive years, according to customs.
Shenzhen's private enterprises maintained rapid growth and were the primary driving force behind the trade growth. Exports from Lenovo, BYD, Honor, and other leading local enterprises grew prominently.
In the first 11 months of the year, trade from private Shenzhen enterprises reached 2.29 trillion yuan, representing a 12.5% increase and accounting for 65.4% of the city’s total trade.
General trade, including both imports and exports, amounted to 1.87 trillion yuan, an increase of 12.9% and accounting for 53.4% of the total trade.
In bonded trade, thanks to the facilitation of cross-border transportation between Shenzhen and Hong Kong, imports and exports between January and November amounted to 831 billion yuan, an increase of 7.7%.
This year marks the 10th anniversary of the Belt and Road Initiative (BRI). Shenzhen's trade with BRI partner countries and emerging markets grew rapidly due to the operation of the Sino-European freight trains and the further implementation of the Regional Comprehensive Economic Partnership (RCEP).
One company benefiting from RCEP is Shenzhen Beauty Star Co. Ltd., a manufacturer of plastic products. According to Chen Shou, the company's chairman, the China-ASEAN Free Trade Agreement has reduced trade costs and enhanced competitiveness for enterprises in China and ASEAN countries. The company's export orders increased by 20% to 30% per year.
From January to November, Shenzhen's trade with BRI countries amounted to 1.18 trillion yuan, up by 9.6% year on year. The city's trade with is top 10 partners accounted for 78.6% of the total trade, with Hong Kong remaining as its top trading partner.