Guangdong, China's leading foreign trade province, started 2024 with impressive growth, reporting a 4.2% year-on-year increase in total import-export value to RMB 2.14 trillion in the first quarter, as per data released on April 17 by the Guangdong Sub-Administration of Customs.
This growth rate surpassed the national average by 2.9 percentage points, with exports rising 1.4% to RMB 1.34 trillion and imports surging 9.3% to RMB 798.15 billion. Notably, electric vehicles (EVs) saw exports skyrocket by 107.9% year-on-year.
Historic Highs and Key Trade Partners
Despite a 3.7% dip in January, Guangdong's trade rebounded strongly in February and March, increasing by 3.1% and 14%, respectively. The quarterly figures set record highs for the province's total import-export value.
ASEAN remained Guangdong's largest trading partner, with bilateral trade increasing by 6.9% to RMB 349.43 billion. Other major partners also saw growth: Hong Kong (6.8%), the EU (6.9%), the U.S. (3%), and Taiwan (36.3%). Trade with Belt and Road countries rose by 3.3%.
Private Enterprises Drive Growth
Private firms contributed 63.4% of Guangdong's total trade, with their import-export value rising 4.8% to RMB 1.36 trillion. Foreign-invested enterprises also experienced a 5.3% increase, reaching RMB 677.03 billion.
Export Mix: EVs Soar, Traditional Sectors Decline
Mechanical and electrical products dominated exports, growing 6.6% to RMB 904.27 billion, accounting for 67.5% of total exports. In addition to EVs, other strong performers included motorcycles (46.5%), ships (32.2%), computers and parts (19.6%), and electrical equipment (13.3%). However, labor-intensive products and steel exports fell by 13.2% and 57.8%, respectively.
Imports Reflect Manufacturing and Consumer Demand
Imports of mechanical and electrical products surged by 24.2% to RMB 554.83 billion, driven by computers and parts (167.4%), semiconductor equipment (92.8%), and integrated circuits (12%). Consumer goods such as cosmetics (28.1%), dairy products (23%), and seafood (17.9%) also saw a rebound.
Guangdong Customs noted the province's "stable foundation, diversified strengths, and strong resilience" in sustaining growth amid global uncertainties. Officials asserted that "the long-term positive trajectory of Guangdong's foreign trade remains intact," emphasizing quality upgrades in trade structure.
The province's performance highlights its critical role in China's export landscape, with innovation-driven sectors like EVs compensating for declines in traditional industries. As geopolitical and demand-side risks continue, Guangdong's adaptability will be essential for maintaining its trade leadership in 2024.
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