The official release of the "Top 100 Chinese Cities in International Trade for 2022" reveals Shenzhen reclaiming its position at the forefront. Since 2023, amidst diminished external demand, China's international trade has faced phase-specific challenges, resulting in a notable year-on-year decline in exports in several key international trade hubs. Nevertheless, Shenzhen, holding the lead in international trade among cities in mainland China for 30 years in a row, has bucked the trend this year, showcasing remarkable growth among export-oriented cities in China.

According to Shenzhen Customs’ data, Shenzhen's exports surged to CNY1.8 trillion in the first three quarters of 2023, marking a robust growth of 17.7%. Significantly, Shenzhen's export expansion persists, with a particular focus on developed markets like Europe and the United States. As a global shipping hub, YANTIAN has the most services to Americas, Europe, and Australia in South China and can adeptly caters to the import and export demands of an extensive customers. YANTIAN is a preferred port for mega vessels, attracting numerous shipping companies to designate it as the last port of call for their Europe and America services, as well as the port of call for their services spanning Latin America, Australia, New Zealand, and Asia.

Beyond the achievements in Shenzhen's international trade, the city's success is attributed not just to its favorable location and policy backing but also to years of consistent technological innovation. Many local enterprises in Shenzhen have persistently expanded into well-developed markets such as Europe and the United States by leveraging their competitive product capabilities. Shenzhen has a diverse array of products and industries that hold unique advantages currently unmatched in other manufacturing hubs. This underlying strength is the driving force behind Shenzhen's resilient export growth in the challenging circumstances.

Optimised export structure
As a city primarily dominated by private enterprises, Shenzhen witnessed a breakthrough in the total import and export value of these enterprises exceeding CNY1.8 trillion in the first three quarters of the year, a historical high, showcasing an impressive year-on-year growth of 14.5% and surpassing the city's overall growth rate by 7.2%. Particularly noteworthy was the export scale, which reached CNY1.2 trillion, indicating a robust growth of 31.9%. "The overall positive export growth in Shenzhen can be attributed to the city's advantageous export product structure and relatively high profit margins. It extends beyond traditional low-end products and is driven by high-value-added items such as new energy vehicles and charging piles. These products pose a challenge for massive substitution in other regions, and this is a key point," noted Wu Haifeng, a researcher at the Shenzhen Finance Institute, the Chinese University of Hong Kong, Shenzhen, in an interview.

During the first three quarters, Shenzhen witnessed electromechanical products accounting for over 70% of its total exports. The contributions from the "new three" products – lithium-ion batteries, electric vehicles, and solar cells – are remarkable. Specifically, the export of lithium-ion batteries reached CNY49.65 billion, indicating a growth of 24.1%. Electric vehicles experienced a remarkable surge in export value, reaching CNY13.11 billion with a growth rate of 432%. And solar cells recorded an export value of CNY2.22 billion, up by 21%.

On September 30 of the previous year, a collaborative effort involving port supervisory authorities such as Shenzhen Customs, Shenzhen Maritime Safety Administration, and so on, along with the joint initiatives of YANTIAN resulted in the introduction of a customized solution for automotive manufacturers, that is, an innovative marine transportation model for complete vehicle shipments known as the "one container, three cars". This approach significantly lowers the transportation cost per vehicle and decreases the waiting time for each container by 2 to 3 days.

YANTIAN is equipped with a comprehensive range of capabilities, covering inspection, packaging, and transportation services. We boast a "land + rail" transportation system and collaborate closely with logistics and shipping companies, and specialized teams to offer automotive manufacturers a one-stop logistics solution, seamlessly connecting their factories to major overseas ports. This initiative is gradually establishing an automotive export service chain that integrates "port + logistics + trade." YANTIAN is wholeheartedly dedicated to supporting Shenzhen in accelerating the development of a world-class automotive city, providing robust backing for the internationalization of China's new energy industry.

Continuous technological innovation
The swift expansion of Shenzhen's exports and its ongoing success in developed markets can be credited to consistent technological and product innovation. The National Innovation Capacity Evaluation Report 2022 issued by the Ministry of Science and Technology and the Institute of Scientific and Technical Information of China has placed Shenzhen in the top position for four consecutive years. As a regional innovation hub, Shenzhen plays a critical role as a city dedicated to fostering innovation, serving as a cornerstone in the establishment of an innovative power.

Policy support
In July this year, Shenzhen issued the Guiding Opinions on Financial Support for Stabilizing Scale and Optimizing Structure in International Trade, introducing 24 measures geared towards driving the high-quality development of international trade. To enhance support for import and export credit, the document urges financial institutions to judiciously allocate credit resources within the international trade sector. It underscores the importance of addressing the financing needs of private enterprises and small to medium-sized enterprises (SMEs) involved in international trade, utilizing monetary policy tools to bolster the growth of these trade enterprises. The document also advocates for the innovation of credit products, stabilization and expansion of pivotal areas in imports and exports, and the development of financial services for the international trade supply chain. Moreover, it actively encourages the growth of export credit insurance policy financing while promoting the application of the Chinese yuan in cross-border trade financing. 

On August 4, under the guidance of the People's Bank of China Shenzhen Central Sub-branch, Shenzhen Branch of the State Administration of Foreign Exchange, and Commerce Bureau of Shenzhen Municipality, YANTIAN assisted the Yantian District People's Government of Shenzhen and the Shenzhen Branch of Bank of China in organising the first briefing on "Shenzhen's 24 Articles on Financial Support for Foreign Trade". YANTIAN will keep securing the "last kilometre" of these policies to facilitate their implementation in districts and enterprises, allowing finance to better serve the real economy.

△YANTIAN assisted the successful completion of the first briefing on "Shenzhen's 24 Articles on Financial Support for Foreign Trade"

A favorable business environment
A favorable business environment is a must for fostering high-quality development in international trade. Shenzhen Customs is steadfast in promoting the streamlining of cross-border trade, ensuring a continuous enhancement of the business landscape. From January to September 2023, the import and export value of enterprises registered within the Yantian Integrated Bonded Area reached CNY84.81 billion, an impressive year-on-year growth of 18.3%. The implementation of customs services, including the 24/7 clearance model and holiday appointment clearance, has notably boosted the efficiency of goods clearance for enterprises, resulting in a significant reduction in operational costs. Meisha Customs is actively exploring new drivers for high-quality development through innovative measures, such as the establishment of a bonded LNG warehouse and the expansion of bonded cold chain business. In tailoring a "one-stop access" mechanism for emerging business, the customs office offers comprehensive policy interpretation and guidance throughout the entire process of new productivity.

In the first three quarters, Shenzhen's trade with its primary partners – Hong Kong SAR, ASEAN, the United States, and the EU – reached CNY442.39 billion, CNY437.6 billion, CNY314.48 billion, and CNY311.97 billion respectively. These figures signify year-on-year growth rates of 3.3%, 7.8%, 12.9%, and 13.3%. Collectively, these trade relationships constituted over half of Shenzhen's total international trade, reaching 53.8%.

This year, YANTIAN, a preferred port-of-call for mega-vessels, has welcomed maiden voyages of 26 of the world's largest container vessels, each with a loading capacity of about 24,000 TEU, topping South China. We serve over 1/3 of the import and export container traffic of Guangdong province and 1/4 of that generated by the Sino-US trade. According to the data released by the Container Branch of China Ports and Harbours Association, YANTIAN's annual throughput has been in the first place among terminals in Chinese Mainland for 20 consecutive years.

Looking ahead, YANTIAN is committed to delivering extensive, fast, and premium services. Employing a strategic mix of multimodal transportation, we will upgrade our ancillary facilities with a dedicated focus on both intelligent and eco-friendly initiatives and facilitate practical cooperation in global port and shipping industries. These initiatives are geared towards better serving global industry and supply chains, facilitating Shenzhen to be a logistics centre with global influence, a global marine centre, improving the international competitiveness of the Greater Bay Area, and consistently contributing to the high-quality development of the international trade of China.

Source of data: Shenzhen Release