Shenzhen’s Foreign Trade Reached Record High in May
Shenzhen Custom’s officials said that the city’s foreign trade reached a record monthly high last month amounting to US$ 40.34 billion. Total trade volumes showed a 12.8 percent increase since May 2011 with a growth rate of 7.8 and 5 percent higher than the national and provincial growth rates.
Exports last month still see a continued growth that exceeds US$ 23.3 billion which is a 13 percent increase from last year. The year on year 3.5 percent decrease in April imports have rebounded to a year on year 12.5 percent increase in May during which imports have surpassed US$ 17 billion. Also during the first five months of 2012 the total import and exports coming from processing trades almost reached US$ 100 billion showing a 6.3 percent increase over the same period last year. While general trade imports and exports saw a small increase of 1.5 percent in the first five months of 2012 as well.
In 2012 the city’s foreign trade volume with Hong Kong was at US$ 53.47 billion which is an 18.8 percent increase from the same period last year. While Shenzhen exports to the American and European markets failed to this year. The city exports to the two countries fell 4.9 and 6.1 percent respectively. However the city’s export to Japan has increased to 20.9 percent through May.
Traditional labor intensive products export have dropped to 13 percent in the first five months in which the decrease is attributed to rising production costs and the relocation of several labor intensive industries to inland cities. Shenzhen’s exports of precious metals and jewelries doubled reaching US$6.97 billion in May.