City Experience First Decline in Foreign Trade
The city experienced it first year on year negative growth in foreign trade since October 2009, when the city’s total import and export value dropped to US$26.95 billion last month showing a 19 percent decrease compared to January of last year. City exports declines by 11.7 percent while imports have decreased to more than 29 percent.
Exports to the US and several European countries and Hong Kong have also declined. Exports to Hong Kong dropped 12.7 percent, exports to the US was at 15 percent and Europe exports was at 1.3 percent compared to January 2011 numbers.
The decrease in foreign trade was blamed to the shrinking demands in the American and European markets. Last month alone Shenzhen only exported US $12.7 billion of mechanical and electrical products which showed a drop of 9.9 percent decrease compared to January 2011 but accounts for more than 74 percent of the total trade value of the city.
Several regional exporters are also showing signs of export problems as well.