Wuxi Port. [Photo/WeChat account: news-wuxixinwen]
Wuxi in Jiangsu province recorded a foreign trade value of 150.04 billion yuan ($21.75 billion) in the first two months of this year, marking a 25.5 percent year-on-year increase, according to the latest customs data.
The growth rate exceeded the provincial average by 5.8 percentage points, setting a record high for the same period and delivering a strong start to the year.
As a major manufacturing hub, mechanical and electrical products have long been the backbone of Wuxi's foreign trade. In the first two months of this year, the city's exports in this category accounted for nearly 70 percent of the total, reaching 83.83 billion yuan, a year-on-year increase of 40.6 percent.
The new energy sector is emerging as a dynamic component of Wuxi's foreign trade landscape; however, integrated circuits remain the bedrock of its export activities. The city's IC industry, buoyed by innovative advancements, has gained strong momentum, with exports increasing by 41.4 percent year-on-year in the first two months.
A well-established and resilient industrial chain in Wuxi has laid a solid foundation for large-scale exports across multiple sectors, according to the head of the foreign trade department of the Wuxi municipal bureau of commerce.
He said that globally, demand for end products is recovering, particularly for smartphones and personal computers, and that emerging industries such as generative AI and smart vehicles are developing rapidly, collectively providing strong momentum for IC trade.
A diversified market strategy is also injecting fresh vitality into Wuxi's foreign trade. In the first two months, the city's imports and exports with countries involved in the Belt and Road Initiative rose 22.7 percent year-on-year, while trade with ASEAN and South Korea increased 31.1 percent and 21.7 percent, respectively.
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