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Shenzhen, one of China's most dynamic cities, has reached new heights in trade, with its total imports and exports for the first three quarters of 2024 hitting historical records. According to statistics from Shenzhen Customs, the city’s cumulative import and export volume reached 3.37 trillion yuan, up 20.9% year on year, significantly outpacing both national and Guangdong provincial growth rates. Specifically, exports amounted to 2.14 trillion yuan, a year-on-year increase of 19.7%, while imports reached 1.23 trillion yuan, a year-on-year rise of 23.1%. Both figures represent historical highs for the same period.
The vibrant activity of Shenzhen’s various business entities, particularly its private enterprises, played a crucial role in driving this growth. In the first three quarters, private enterprises in Shenzhen registered 2.39 trillion yuan in trade, marking a 30.8% increase year on year and representing 70.9% of the city’s total trade. This growth rate was 9.9 percentage points higher than the overall trade increase for Shenzhen, making private businesses the main engine behind the city's foreign trade expansion.
Shenzhen's leading trade partners during this period were ASEAN, Hong Kong, and the United States, with trade volumes of 574 billion yuan, 516.9 billion yuan, and 352.4 billion yuan, respectively, up 32.3%, 17.4%, and 12.2% year on year, respectively. Together, these regions accounted for 42.8% of Shenzhen's total trade. Trade with Latin American countries reached 180.4 billion yuan, a year-on-year increase of 26.8%, accounting for 5.3% of Shenzhen's total trade. Trade with Mexico, Brazil and Costa Rica increased by 19.7%, 45.3%, and 119.7% year on year, respectively.
Shenzhen’s engagement with the Belt and Road Initiative (BRI) partner countries also saw a notable increase, with trade totaling 1.19 trillion yuan, a year-on-year rise of 27%. Meanwhile, trade with member countries of the Regional Comprehensive Economic Partnership (RCEP) reached 945.8 billion yuan, up 28% year on year.