Henan’s foreign trade value up 23.4% y-o-y in October

Henan Daily

Zhengzhou: Henan’s total foreign trade value reached 647.4 billion yuan in the first ten months of 2024, said a source from Zhengzhou Customs on December 13.

In October alone, the value stood at 105.75 billion yuan, reflecting a year-on-year increase of 23.4%, 18.8 percentage points higher than the national growth rate for the same period, marking the highest monthly total since December 2020.

In terms of trade methods, the share of general trade, which has a strong impact on the industrial chain, has increased, contributing to a more balanced foreign trade structure. In the first ten months, the import and export value of general trade in Henan reached 270.09 billion yuan, a year-on-year increase of 4.8%, accounting for 41.7% of the province’s total foreign trade value, an increase of 2.5 percentage points compared to the same period last year.

The number of profitable foreign trade companies has increased by 10%, with their scale continuing to expand. In the first ten months, the number of foreign trade companies with profits in Henan reached 12,318, a year-on-year increase of 10.6%, with a net increase of 1,177 companies. Among them, 820 key companies reported foreign trade values exceeding 50 million yuan, collectively accounting for 90.1% of Henan’s total foreign trade value, providing strong support for the province’s foreign trade.

In terms of foreign trade markets, Henan’s trade with ASEAN, the EU, India, Mexico, and other countries and regions has seen rapid growth. In the first ten months, Henan’s import and export value with ASEAN, the EU, India, and Mexico amounted to 89.19 billion yuan, 81.91 billion yuan, 26.66 billion yuan, and 23.66 billion yuan, respectively, showing year-on-year increases of 4.4%, 10.9%, 43.1%, and 13.2%. During the same period, Henan’s trade with Belt and Road Initiative countries totaled 295.22 billion yuan, a year-on-year increase of 2%.

The rapid growth in the export of automobiles, aluminum materials, silver, and furniture was a key highlight of Henan’s foreign trade exports in the first ten months, all showing double-digit growth. Together, their total export value increased by 13.45 billion yuan, contributing to a 3.1 percentage point rise in the province’s foreign trade export growth. Specifically, automobile exports rose by 22.7% year-on-year to 25.88 billion yuan, aluminum materials surged by 39.2% to 20.62 billion yuan, silver grew by 23.7% to 9.11 billion yuan, and furniture saw a 15.3% increase to 8.4 billion yuan.

New drivers of foreign trade have emerged in Henan, with exports of the “new three” products—electric vehicles, solar products, and lithium batteries—reaching 8.87 billion yuan in the first ten months, a year-on-year increase of 9.9%. Notably, the export value of electric vehicles reached 6.03 billion yuan, reflecting a year-on-year growth of 72.7%.

Additionally, ten cities in Henan have an import and export value exceeding 12 billion yuan, including Zhengzhou, Jiyuan, Luoyang, Xuchang, Sanmenxia, Jiaozuo, Kaifeng, Puyang, Nanyang, and Xinxiang. Together, these cities accounted for 93.6% of the province’s total foreign trade volume. (Chinese source: Henan Daily Reporter: Li Xiaohan Correspondent: Hou Fangjian Translator: Zhang Yahan Intern: Wang Rui Proofreader: Li Wenjing and Zhao Hanqing)