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Economic Milestone: Shenzhen Reports Robust Foreign Trade Growth in 2023

Beijing, January 18, 2024, The Europe Today: In a significant economic development, the southern Chinese metropolis of Shenzhen witnessed a noteworthy surge in foreign trade, reaching 3.87 trillion yuan (approximately 544 billion U.S. dollars) in 2023, marking a 5.9 percent year-on-year increase, as announced by local authorities on Wednesday.

Shenzhen’s exports played a pivotal role in this growth, surging by 12.5 percent year on year to reach 2.46 trillion yuan last year, according to the data released by Shenzhen customs authorities.

Private enterprises in Shenzhen emerged as key contributors to this vibrant trade landscape, with their foreign trade reaching 2.54 trillion yuan, marking a notable 12.3 percent year-on-year increase and constituting 65.7 percent of the city’s total trade volume.

The city’s trade engagement with Belt and Road partner countries demonstrated robust expansion, reaching 1.3 trillion yuan, reflecting a 9.3 percent increase and accounting for 33.6 percent of Shenzhen’s overall trade volume.

A significant portion of Shenzhen’s export portfolio in 2023 comprised mechanical and electrical products, amounting to 1.78 trillion yuan, witnessing a 6.7 percent year-on-year increase and constituting 72.6 percent of the city’s total export value.

Moreover, Shenzhen experienced growth in the import sector, particularly in consumer goods and bulk commodities, further underlining the city’s resilience and dynamism in global trade.

This remarkable performance positions Shenzhen as a key player in the international trade landscape, reflecting its economic prowess and strategic trade relationships. As the city continues to navigate global economic dynamics, stakeholders are optimistic about the sustained growth and significance of Shenzhen in the global trade arena.