Statistics show that from January to May this year, Xiamen in East China’s Fujian province boasted exports and imports worth 332.35 billion yuan ($49.85 billion), an increase of 35.7 year-on-year, with its growth rate ranking first among municipalities with independent planning status.
Since the beginning of 2021, faced with a complex and unpredictable global economic climate, Xiamen has redoubled its efforts to optimize its foreign trade businesses and improve its business environment. It has made steady progress in terms of its export and import businesses.
The city’s import demand for iron ore sand, spinning yarn, barley and dairy products is surging. On the other hand, exports in electronic components, general machinery and liquid crystal displays set new highs during the five-month period. Meanwhile, drugs and other medical products have become a new export growth area in Xiamen.
Enterprises with long industrial chains and high added-value products help to offer an explanation as to why Xiamen has had such an outstanding performance in foreign trade, and can be exemplified by JTEKT Co, a foreign-invested company that manufactures and sells automotive components.
Peng Daohong, vice general manager of the company, said they have been doing well in production this year, and their annual output value this year is expected to exceed 5.3 billion yuan, up by 15 percent compared with last year.
The company plans to put a new production line into operation, which will increase the company’s overall production capacity by 25 percent.
Chen Zhongxiong, director of the statistics department of Xiamen customs, said that extended industrial chains and higher added value of products accounted for the city’s import and export achievements. Meanwhile, the flexibility of private enterprises in adapting to global market demand also plays a significant role in foreign trade, he added.