Imports and Exports Volume of Nanjing Exceeds Pre-crisis Level

Nanjing Municipal Commission of Commerce announced on October 22nd that, in the last 3 quarters, foreign trade of Nanjing recovered quickly and imports & exports volume have exceeded the level prior to the global economic crisis.

Year to September, total value of imports and exports of Nanjing reached 32.8 billion USD, increased 32.4% YoY. It is 4.3% higher than the peak before the economic crisis (31.46 billion USD for Jan.-Sep., 2008, as record high).

Exports account for 17.99 billion RMB, increased 33.5% YoY. Export volume basically kept the same with same period of 2008. Imports value is 14.81 billion USD, increased 31.1% YoY, 11.8% higher than same period of 2008.

Due to reasons like bases last year, imports and exports surged to as high as 67.6% in Jan. and went down gradually afterwards. But in the following 8 months, range of increase was kept above 30%, showing the strong recovery of foreign trade this year.

As the situation turns around for foreign trade, the team working in the industry is growing bigger. As of end Sep., there are 8,522 registered foreign trade companies in Nanjing, 416 more than last year end. Number of export giants is growing. There are 9 more companies with over 50 million USD exports from Jan. to Sep. vs. same period last year.

The global financial crisis forced many export foreign trade companies to seek orders in emerging markets. Since this year, export from Nanjing to Taiwan, China, CIS, east European countries and Oceania grows quickly by 68.1%, 114.2% and 86.3% respectively. Export to 4 traditional markets including EU remains stable. As of end Sep., export to EU increased 37.5% YoY, USA 19.9% YoY, ASEAN 6.0% YoY and Japan 85.1% YoY.