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Suzhou foreign trade sees growth in first 7 months

Suzhou Bureau of Commerce | Updated:2022-08-24 16:40

Suzhou, Jiangsu province. [Photo/subaonet.com]

Suzhou in East China's Jiangsu province saw its foreign trade grow 10.7 percent year-on-year to 1.51 trillion yuan ($216.68 billion) in the first seven months of 2022, according to the local customs office.

Exports rose 13.2 percent year-on-year to 895.86 billion yuan, while imports rose 7.2 percent to 613.21 billion yuan.

The value of imports and exports of private enterprises in the city reached 464.53 billion yuan, an increase of 22.6 percent annually. Foreign trade of foreign-invested enterprises in the city totaled 950.37 billion yuan, accounting for 63 percent of the city's total foreign trade value.

Asian countries make up the bulk of Suzhou’s main foreign trade partners in terms of both imports and exports, as 73.1 percent of the city's imported goods came from Asian countries. Among them, imports from South Korea increased by 21.8 percent year-on-year to 129.2 billion yuan.

The city's trade with BRI countries and regions and Regional Comprehensive Economic Partnership member countries became more frequent this year.

Suzhou's imports and exports to countries and regions involved in the Belt and Road Initiative increased by 10.4 percent year-on-year to 342.27 billion yuan. Foreign trade with other RCEP member countries increased by 8.1 percent year-on-year to 594.33 billion yuan.

In the first seven months of 2022, the value of the city's imports and exports of mechanical and electrical products rose 11.2 percent year-on-year to 1.11 trillion yuan, accounting for 73.3 percent of the city's total foreign trade.