Source: People’s Daily

According to statistics from the Guangdong Sub-Administration of the General Administration of Customs:

In the first quarter of this year, the total import and export value of the 9 mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area reached 2.45 trillion yuan, a year-on-year increase of 19.7%, hitting a record high for the same period.Among them, exports totaled 1.48 trillion yuan, up 14.4%; imports reached 976.27 billion yuan, rising 28.7%.The imports and exports of the 9 mainland cities in the Greater Bay Area accounted for 20.7% of China’s total foreign trade, an increase of 0.8 percentage points from the same period last year, and contributed 26.1% to the growth of the country’s foreign trade.

Private Enterprises Led the Growth

In Q1, private enterprises in the 9 mainland cities of the Greater Bay Area achieved imports and exports of 1.64 trillion yuan, surging 25.7% and accounting for 66.8% of the total. These enterprises contributed 83.2% to the overall import and export growth of the region in the period.

Closer Cooperation with Hong Kong, China

In Q1, Hong Kong, China surpassed ASEAN to become the largest trading partner of the 9 mainland cities in the Greater Bay Area.Bilateral import and export value hit 377.22 billion yuan, soaring 44.4%, with its share rising 2.7 percentage points to 15.4%.

In the same period, trade with ASEAN and the EU stood at 375.89 billion yuan and 272.75 billion yuan, up 12% and 14% respectively, accounting for 15.3% and 11.1%.In addition, imports and exports with countries participating in the Belt and Road Initiative reached 906.63 billion yuan, increasing 14.4% and making up 36.9% of the total.

High-Tech and Green Low-Carbon Exports Show Strong New Momentum

In Q1, the 9 mainland cities in the Greater Bay Area exported 1.05 trillion yuan worth of mechanical and electrical products, up 18.5%, accounting for 71.1% of total exports.

Among them:

• Electronic components: +37.2%
• Electrical equipment: +36%
• Computers and parts: +9.2%

High-tech and green low-carbon products posted even faster growth:

• 3D printers: +136.9%
• Digital cameras: +60.3%
• Drones: +51.1%
• The “New Three” (new energy vehicles, lithium batteries, solar panels): +46.7%