Nanyang foreign trade up 39.2% in first five months of 2018

The total value of Nanyang's foreign trade rose by 39.2 percent year-on-year to 6.48 billion yuan ($977.2 million) in the first five months of this year, ranking second in Henan province, according to the Nanyang Bureau of Commerce.

This double-digit growth was largely fueled by private enterprises, whose trade value saw a phenomenal 50.6 percent growth from last year and made up 83.3 percent of the city's total. State-owned enterprises showed stable performance, with their export-import value growing by 22.4 percent to 650 million yuan.

Agricultural, mechanical, electronic, and textile products were major commodities on Nanyang's foreign trade list. The city exported 3.69 billion yuan worth of agricultural products from January to May, representing a whopping 72.9 percent increase from last year and 68.7 percent of its total export value.

During this period, Nanyang saw robust trade with emerging economies, including Africa, Latin America, Oceania, the Association of Southeast Asian Nations (ASEAN) and the Middle East. The trade value with these regions grew by 47.1 percent to 3.5 billion yuan, more than half the city's total.

Trade with traditional markets such as the United States (US), European Union (EU), Japan, and South Korea showed no sign of weakening, growing by 36.8 percent to 2.47 billion yuan in the first five months.

(chinadaily.com.cn)