Guangdong Province has reported stable foreign trade growth during the first five months of 2024, with total import-export volume reaching 3.75 trillion yuan, representing a 4% year-on-year increase. This growth rate exceeds the national average by 1.5 percentage points, demonstrating the region's continued importance in China's international trade landscape.
Monthly Performance Highlights
In May 2024 alone, Guangdong maintained positive trade momentum with 790.12 billion yuan in total trade volume, marking a 0.8% increase. Export figures reached 506.3 billion yuan (3.1% decrease), while imports showed stronger performance at 283.82 billion yuan (8.7% growth).
Trade Structure Evolution
General trade accounted for 59% of Guangdong's total trade volume during the January-May period, totaling 2.21 trillion yuan with 2.4% growth. Bonded logistics demonstrated particularly strong performance with 751.37 billion yuan (14.9% increase), while processing trade reached 745.52 billion yuan (0.9% decline).
Enterprise Participation Patterns
Private enterprises continue to dominate Guangdong's foreign trade, handling 2.4 trillion yuan (4.4% growth) and representing 64.1% of total trade volume. Foreign-invested enterprises showed the fastest growth at 5% (1.17 trillion yuan), while state-owned enterprises recorded 165.46 billion yuan (10.2% decrease).
Key Trading Partners
ASEAN remains Guangdong's largest trading partner with 622.63 billion yuan in trade volume (6.2% growth), followed by Hong Kong (470.77 billion yuan, 7.8% growth) and the EU (441.53 billion yuan, 7.1% growth). Trade with the United States declined to 378.48 billion yuan (9.6% decrease), while Taiwan trade grew significantly to 353.13 billion yuan (30.4% increase). Trade with Belt and Road countries totaled 1.46 trillion yuan (4.1% growth).
Export Composition Analysis
Electromechanical products continue to dominate Guangdong's export portfolio, accounting for 67.7% of total exports (1.6 trillion yuan, 6.7% growth). This represents a 3.7 percentage point increase in export share compared to the same period last year.
Import Sector Performance
Electromechanical products also lead Guangdong's import sector, comprising 69.9% of total imports (965.65 billion yuan, 20.7% growth). Notable import categories include integrated circuits (497.28 billion yuan, 14.1% growth), computer components (170.4 billion yuan, 108.5% surge), and semiconductor manufacturing equipment (36.44 billion yuan, 52.7% increase).
The sustained growth in high-tech product trade, particularly in the electronics sector, reflects Guangdong's ongoing transformation into a high-value manufacturing and technology hub. The province's diversified trade relationships and strong performance in general trade suggest increasing maturity in its international trade capabilities beyond traditional processing trade models.