Xiamen's foreign trade up 29.5% in Q1-Q3
Xiamen in East China's Fujian province reported a year-on-year increase of 29.5 percent in foreign trade during the first three quarters of this year, with the total amount valued at 657.02 billion yuan ($102.1 billion).
According to the city's customs department, Xiamen's imports and exports rose 37.2 percent and 22 percent year-on-year respectively to 341.03 billion yuan and 315.99 billion yuan during this period.
Statistics show that Xiamen's import and export volume for a single month has been above 80 billion yuan since July.
The volume in September alone stood at 81.59 billion yuan, up 16.6 percent year-on-year. Out of that, the city's imports were 42.5 billion yuan, up 20.8 percent year-on-year, while its exports were 39.09 billion yuan, up 12.5 percent.
Officials said that ASEAN, the United States, and the European Union were the top three trade partners of Xiamen during the first three quarters of the year. Their trade volumes with Xiamen increased 23.5 percent, 32.6 percent, as well as 27.5 percent respectively to 116.82 billion yuan, 85.59 billion yuan and 71.45 billion yuan.
In addition, Xiamen's trade with RCEP (Regional Comprehensive Economic Partnership) members, countries and regions involved in the Belt and Road Initiatives, as well as BRICS countries increased 23.2 percent, 26.2 percent, and 18.4 percent respectively.
Behind the growth is the city's vital private sector. From January to September, the sector's foreign trade volume was valued at 237.05 billion yuan, up 41.1 percent year-on-year.
Mechanical and electrical products, as well as labor-intensive products, such as textiles and garments, were the major exports, while the major imports included mechanical and electrical products, agricultural produce, and iron ore.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.