Jiaxing Customs: Jiaxing Fastener Exports Increased by 37% YoY in the First Three Quarters

According to statistics from Jiaxing Customs, in the first three quarters of 2011, Jiaxing City achieved a total foreign trade import and export value of 21.244 billion US dollars, an increase of 26.2% over the same period of last year, and 2.4 percentage points higher than the average growth rate of the province. Among them, exports were US$14.407 billion, up 21.5%; imports were US$6.837 billion, up 37.5%. From the perspective of import and export entities, the import and export of private enterprises have grown rapidly, which has strongly promoted the steady growth of import and export in the city.

In recent years, the trading partners in Jiaxing have become increasingly diversified and have gradually reduced their dependence on traditional markets such as Europe, the United States and Japan, and their growth in emerging markets has been strong. According to customs officials, in the first nine months of this year, there were 196 countries and regions that had actual import and export performance in the city, a decrease of three compared to the same period of last year. Among them, the import and export volume of Jiaxing and the European Union, the United States, Japan, and Hong Kong were 4.749 billion, 3.695 billion, 2.958 billion, and 470 million U.S. dollars, respectively, an increase of 25.9%, 9.6%, 26.2%, and -10.7% year-on-year respectively; and with ASEAN, The import and export volume of South Korea, Taiwan, Russia, Australia, and other countries and regions increased by 32%, 55.8%, 47.6%, 65.7%, and 38.7%.

As companies become bigger and stronger and their global horizons expand, many companies in our city have accelerated the pace of “going out”. According to statistics, in the first three quarters, the city had a total of 7 overseas M&A projects with a total investment of USD 86.95 million, which accounted for 43% of the city’s total overseas investment. Since 2009, there have been 13 overseas M&A projects in the city, with a total investment of 150 million U.S. dollars, and all of them have worked well.

Since the beginning of this year, our city’s foreign trade has faced multiple unfavorable factors, such as the slowdown in global economic growth, weak economic recovery in economically developed economies such as the United States and Europe, increased renminbi exchange rate fluctuations, and difficulties in the operation of small and medium-sized enterprises, but the reason why Jiaxing’s imports and exports have been stable for the first nine months Rapid growth? Jiaxing Customs believes that, first of all, because the private enterprises in our city collectively “strengthen”, the growth rate is faster. According to reports, the import and export volume of private enterprises in Jiaxing increased by 39.9% in the first three quarters, which is higher than the average growth rate of the city by 13.7 percentage points, which strongly promoted the good operation of the city’s foreign trade.

From the perspective of export goods, mechanical and electrical products are still the city's largest export commodities. In the first three quarters, Jiaxing exported 4.46 billion U.S. dollars of electromechanical products, an increase of 25.6%, which accounted for 31% of the city's total exports over the same period. In the same period, exports of garments, textiles, and fasteners in Jiaxing were US$3.18 billion, US$2.45 billion, and US$7.6 billion, respectively, up 15.6%, 24.8%, and 37%; exports of high-tech products were US$840 million, up 6.4%; exports Furniture was 950 million U.S. dollars, down 5.5%.

“In addition, the traditional advantageous products such as Jiaxing mechanical and electrical products, clothing, textiles and fasteners still maintained a stable or rapid export growth momentum; in the case of weak US and European markets, exports to markets such as Korea, Russia, and Taiwan achieved rapid progress. Growth; Imports of raw material resources, which are driven by sharp increases in import prices, have increased significantly. These factors have contributed to the rapid growth of the total value of imports and exports in Jiaxing City,” said the above sources.