Shenzhen Maintains Lead Among Domestic Cities in Terms of Foreign Trade
Shenzhen maintains its lead among domestic cities in terms of foreign trade for 20th consecutive year. In the first 11 months of this year the city imports and exports have exceeded US$ 414 billion which is around 10.5 percent growth compared to last year.
In the first 11 months Hong Kong also remained as Shenzhen’s biggest trade partner, trade between the two cities exceeded US$ 129 billion an increase of 27 percent compared to the same period last year. Trade between Taiwan and Shenzhen saw a year on year 20 percent growth standing at US$ 27 billion to trades is a far contrast compared to trade with the United States and Europe and Japan which have declined in the past 11 months.
In the past 11 months Shenzhen have exported mechanical and electrical products worth around US# 174 billion a growth of 7.6 percent compared with last year, and export volume accounted for more than 72 percent of the city’s total during the same period last year. Also exports of traditional labor intensive products have dropped 13 percent to US$ 24 billion.
Once dependent on labor intensive industries, Shenzhen have now shifted its attention in developing emerging industries such as new material, bio medicine and creative industries.