Shenzhen's trade via Yantian Port reached 10.91 million tons or 391.3 billion yuan (US$61.64 billion) in the first quarter of the year (Q1), data from Shenzhen Customs showed Wednesday.
The city’s trade with Regional Comprehensive Economic Partnership (RCEP) member countries reached 29.46 billion yuan, up by 13.1% year on year, despite COVID’s economic impact across the globe.
The RCEP is a free trade agreement among the Asia-Pacific nations of China, Australia, Brunei, Cambodia, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand and Vietnam. The 15 member countries account for about 30% of the world’s population and 30% of global GDP, making it the largest trade bloc in history.
Yantian Port, the fourth-largest port in the world, recently opened a direct container route to Cebu Port in the Philippines. It was the second route to Southeast Asian countries since RCEP’s implementation this January. The port is now operating 23 routes with RCEP countries.
Enterprises in Shenzhen and other Guangdong-Hong Kong-Macao Greater Bay Area cities are taking advantage of opportunities brought by RCEP and engaging in various trade forms via Yantian Port, such as transshipment, container pooling and combined ports.
In March, trade with RCEP countries under the administration of Dapeng Customs reached 11.4 billion yuan, 2.7 times that of a year ago. Imported products were mainly minerals, plastic products, machines and tools. Export products were mainly mechanical products, furniture and toys.
On March 21, Yantian Port initiated rail and sea transportation connecting Dongguan, Yantian and Hong Kong. Trade with Hong Kong via Yantian Port reached 150,000 tons, up by 88.18% year on year.