Despite facing a complex and challenging global environment and continuous pressure on foreign trade in 2023, Hai'an in Nantong, Jiangsu province achieved stable growth in its overall import and export activities, totaling 20.38 billion yuan ($2.83 million), marking a 1.9 percent year-on-year increase.

A significant contributor to this success is the diligent effort of the city's private enterprises, which constitute over 50 percent of the foreign trade share.

For instance, Jiangsu Hongsheng New Materials Corp Ltd played a pivotal role, realizing a total import and export value of 1.59 billion yuan in 2023, making it the city's leading enterprise in terms of import and export volume.

Hai'an has also been actively optimizing its foreign trade logistics channels. Fengshan Port, while consolidating its export business, has been actively expanding its import operations. In 2023, the port imported 210,000 metric tons of raw materials from Russia, Kazakhstan, and other countries, with a transaction value of 1.51 billion yuan.

In the same year, Hai'an Bonded Logistics Center explored innovative trade channels, providing tax rebate convenience for local and nearby businesses exporting goods, while offering policy incentives for overseas products entering Hai'an.

The import and export activities of the center reached $220 million in 2023, with imports accounting for $150 million and exports for $70 million.

To boost foreign trade, Hai'an has made efforts in nurturing foreign trade enterprises by teaming up with cross-border e-commerce platform companies. Over 200 companies participated in multiple cross-border e-commerce business training sessions organized by Hai'an.

In 2023, the city welcomed two new foreign trade enterprises each with an annual trade volume exceeding 1 billion yuan, two with volumes exceeding 500 million yuan, and four with volumes exceeding 100 million yuan.

Hai'an Bonded Logistics Center. [Photo/WeChat account: gh_fcf610cf10c4]