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Hangzhou's foreign trade thrives, defying challenges

www.ehangzhou.gov.cn| Updated: January 18, 2024 L M S

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A bird's-eye view of Hangzhou. [Photo provided to ehangzhou.gov.cn]

In the first eleven months of 2023, Hangzhou's foreign trade reached a total value of 685.51 billion yuan ($95.26 billion), a robust 5.0-percent year-on-year growth, according to statistics from Qianjiang Customs.

Exports amounted to 466.56 billion yuan, a 3.3-percent increase, while imports surged by 8.7 percent to 218.95 billion yuan.

Amidst market pressures and challenges, Hangzhou's foreign trade enterprises showcased resilience by swiftly adjusting their business strategies and launching a concerted effort to achieve breakthroughs.

Traditional export sectors like clothing, furniture, and home appliances maintained steady growth, while emerging sectors such as lithium batteries, photovoltaic products, and electric vehicles became driving forces behind foreign trade growth. From January to November 2023, exports in the latter three industries from Hangzhou amounted to 12.13 billion yuan, a surge of 75.2 percent.

Cross-border e-commerce, an important part of Hangzhou's foreign trade landscape, exhibited robust performance with a total of 124.8 billion yuan in exports and imports during the same period, a year-on-year increase of 20.55 percent. Exports alone surged by 25.75 percent to 108.2 billion yuan.

Hangzhou is now home to over 800 companies with a scale exceeding 20 million yuan. These companies hold 4,371 registered trademarks, and the sector boasts 107 listed enterprises, unicorns, and potential unicorns.

As part of Hangzhou's foreign trade strategy, markets in countries participating in the Belt and Road Initiative are becoming a new source of opportunities. Total foreign trade with and export to these countries increased by 6.9 percent and 9.7 percent, respectively. Exports to Russia and the Arab League surged by 45.0 percent and 18.6 percent, respectively.

In a bid to enhance its global presence, Hangzhou upgraded its "Overseas Hangzhou" exhibition platform at the beginning of 2023. The city also organized its first chartered flights to participate in the largest exhibition hosted independently by China in the RCEP region. In December last year, it hosted the 15th China (UAE) Trade Fair, attracting nearly 2,500 companies from 16 provinces and cities across the country.

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The China (Zhejiang) Pilot Free Trade Zone. [Photo provided to ehangzhou.gov.cn]

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