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Nantong foreign trade falls 0.9%

By Hu Xiaoyu chinadaily.com.cn Updated: 2019-06-27


A liquefied natural gas (LNG) carrier from Peru berths at a receiving station in Nantong, East China’s Jiangsu province, on June 26. [Photo/VCG] 

The eastern city of Nantong reported a year-on-year drop of 0.9 percent in foreign trade for the first five months of this year, with the total value of its imports and exports decreasing to 100.36 billion yuan ($145.92 bilion).

According to statistics released by the local customs department on June 25, the city’s imports and exports accounted for 5.9 percent of Jiangsu’s foreign trade, maintaining fourth place among cities in the province.

General trade saw a slight increase of 2.8 percent to 77.2 billion yuan over the first five months. E-commerce exports reached 130 million yuan, growing 380 percent.

Meanwhile, processing trade dropped 20.5 percent to 21.97 billion yuan.

According to authorities, the current slowdown of the global economy is having a growing impact on Nantong’s foreign trade.

The falling demand for containers, ships, and integrated circuits directly influenced imports and exports in Nantong.

However, a series of incentives, including a value-added tax reduction and the integrated development of the Yangtze River Delta region, are expected to provide momentum for the city’s foreign trade growth.

Local companies have also been exploring opportunities in overseas markets by participating in international trade fairs and holding promotional events.

Government departments have continued to upgrade working systems to improve the efficiency of cross-border trade.