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Suzhou's foreign trade grows 7.4% from Jan to May

Suzhou Bureau of Commerce | Updated:2022-07-19 14:11

Technicians discuss products at a joint venture in Suzhou, Jiangsu province. [Photo/China Daily]

Suzhou, East China's Jiangsu province, posted a 7.4 percent year-on-year increase in foreign trade in the first five months of 2022, according to the latest data from Suzhou Customs.

The total value of the city's imports and exports exceeded 1.027 trillion yuan ($161.12 billion) during this period. Exports grew 6.3 percent year-on-year to 594.59 billion yuan, while imports increased 8.9 percent year-on-year to 432.82 billion yuan. Suzhou's foreign trade value accounted for 48.3 percent of the provincial total.

Private enterprises have become an important force in stabilizing the city's foreign trade. From January to May in 2022, foreign trade among private enterprises in the city increased by 18.3 percent yearly to 306.67 billion yuan, accounting for 29.8 percent of the city's total foreign trade value.

ASEAN, the European Union and the United States were Suzhou's major trading partners, with imports and exports between Suzhou and the three regions increasing by 3.5 percent, 3.3 percent and 3.2 percent, respectively, to 144.58 billion yuan, 141.87 billion yuan, and 139.26 billion yuan in the first five months of 2022.

Exports of mobile phones and imports of integrated circuit products supported the growth of foreign trade in Suzhou. In the first five months, the city's exports of mechanical and electrical products reached 464.1 billion yuan, an increase of 4.8 percent and accounting for 78.1 percent of the city's exports. The exports of communication equipment such as mobile phones reached 69.31 billion yuan, an increase of 42.9 percent year-on-year. The imports of integrated circuit products saw a 24.6 percent increase yearly to 164.64 billion yuan.

In addition, the city's actual use of foreign capital rose 59.1 percent yearly to $4.86 billion in the first five months this year.