Shenzhen is still China’s biggest exporter; Qingdao enters Top 10

A view of Shenzhen

On The Agenda

China’s top 10 cities for exports remained largely unchanged in the first four months of this year, with Shenzhen, Shanghai, and Suzhou maintaining their leading positions. However, Qingdao replaced Foshan to enter the top 10, according to a recent report by Yicai Global.

Shenzhen’s exports reached CNY893.32 billion (USD123.4 billion), marking a 34 percent increase from the previous year, based on customs data released yesterday. The city’s imports totaled CNY517.26 billion, a 28 percent rise. Consequently, Shenzhen’s total foreign trade surged by 32 percent to CNY1.41 trillion (USD194.7 billion).

This southeastern tech hub has held the top spot in exports for 31 consecutive years. In the first four months, it also ranked as China’s leading city in terms of foreign trade and growth. Last year, Shenzhen was second in total value of imports and exports.

A key driver of Shenzhen’s growth is its private enterprises.

Their combined imports and exports amounted to CNY1 trillion during the four months, up 48 percent, accounting for 71 percent of the city’s foreign trade, an increase from 63.2 percent.

Jinhua in Zhejiang province showed the second-fastest growth in the top 10, with exports increasing by 16 percent to CNY230.2 billion, maintaining its sixth-place ranking from a year ago. Jinhua is home to Yiwu, known for its massive small commodities market. Yiwu contributes nearly 80 percent of Jinhua’s export volume, with exports totaling CNY176.4 billion, up 20 percent. Shenzhen and Jinhua are the only cities in the top 10 to exceed the national average of export growth.

Shandong province’s Qingdao saw its exports grow by 9 percent to CNY162.4 billion, securing a spot in the top 10. This growth is partly attributed to the city’s home appliance exports, which rose by 30 percent to CNY13.3 billion (USD1.8 billion).

Qingdao’s ascent caused Foshan to drop in the rankings, falling to the 15th place. Foshan experienced a 38 percent decline in exports to CNY131.9 billion, and its foreign trade contracted by 30 percent. In addition to Foshan, other major economic centers in Guangdong province, such as Guangzhou and Dongguan, also saw declines in exports. Guangzhou, the provincial capital, ranked seventh with exports of CNY195.71 billion, down 12 percent, while its foreign trade decreased by 9 percent. Dongguan, known for its factories of phone brands like Vivo and Oppo, recorded a 4 percent decline in exports to CNY254.79 billion.

As a result, Ningbo, an eastern port city known for electrical products and textiles, replaced Dongguan as China’s fourth-largest export city, with Dongguan dropping one position. Guangzhou’s sluggish performance can be partly attributed to base effects. In the first four months of last year, the city exported CNY225.9 billion of goods, a 21 percent year-over-year increase, while foreign trade was recovering from contraction.