Jiangyin Port in Wuxi. [Photo/Wuxi Daily]
The foreign trade of Wuxi in Jiangsu province expanded by 10 percent year-on-year in the first 10 months of this year, reaching 633.32 billion yuan ($87.33 billion), statistics from Wuxi Customs showed.
Wuxi's foreign trade has set new records in the eight consecutive months from March this year.
Analysis indicates that the integrated circuit industry, especially leading enterprises, were the main contributors to this overall upward trend in the city's foreign trade.
In the Jan-Oct period, the imports and exports of the city's IC industry totaled 129.46 billion yuan. In October alone, half of the net increase in the city's exports came from IC and memory, while nearly two-thirds of the net increase in imports were from semiconductor manufacturing equipment, testing instruments, and IC.
After years of dedicated development, Wuxi now boasts a comprehensive IC industrial chain that encompasses materials, design, manufacturing, packaging and testing, and equipment. In 2023, the industry's scale in the city exceeded 240 billion yuan, ranking second in the nation and first in the province in terms of overall strength.
While maintaining growth, Wuxi's foreign trade has also actively expanded into emerging markets such as Africa and Latin America. From January to October, Wuxi's trade with countries involved in the Belt and Road Initiative totaled 318.4 billion yuan, while its trade with other RCEP member countries reached 278.47 billion yuan.
Since this year, local authorities have arranged for about 1,100 local enterprises to attend 122 trade shows overseas and brought in renowned exhibition company Meorient to support businesses in expanding overseas.
