Nanyang Maintains Robust Growth in Foreign Trade in Q3

The city of Nanyang. [Photo/nanyang.gov.cn]

The total value of Nanyang's foreign trade exceeded 12.43 billion yuan ($1.78 billion) in the first three quarters of 2018, enjoying a year-on-year increase of 36.6 percent. The city's export value currently ranks second in Henan province.

General trade has increased in both value and proportion, expanding to 11.54 billion yuan in the first three quarters of the year and accounting for 92.8 percent of total foreign trade. Processing trade brought totaled a value of 723 million yuan, and other trade contributed 170 million yuan, up 58.7 percent.

Private enterprises were the major driver of this growth, with a trade value of 10.5 billion yuan, making up 84.5 percent of the total trade value, and representing a year-on-year increase of 47.6 percent. State-owned enterprises came in second place, up 10.9 percent. Meanwhile the trade value of foreign-invested enterprises dropped 16.3 percent to 840 million yuan.

Agricultural products remained a crucial export, especially tea and edible mushrooms, with their export value rising by 47.7 percent to 6.65 billion yuan representing over 70 percent of the province's total value. Other products also maintained steady growth, such as hi-tech products, electromechanical products and textiles.

Trade with traditional trading partners, including the European Union, the United States, Japan and South Korea remained strong, increasing by 43.7 percent to 5.52 billion yuan. Trade with new markets, such as Latin America, the Association of Southeast Asian Nations (ASEAN), and Oceania enjoyed an increase of 38.8 percent to 5.71 billion yuan over the nine-month period.

Trade with countries involved with the Belt and Road Initiative showed strong growth, increasing by 43 percent to 5.56 billion yuan, making up 44.8 percent of total foreign trade.