SHENZHEN’S total import and export value dipped to US$26.95 billion last month, a 19 percent decrease compared with January a year ago, Shenzhen Customs said Thursday.
It’s the city’s first year-on-year negative growth in foreign trade since October 2009.
The city’s exports last month declined by 11.7 percent, to US$17.2 billion, while imports decreased by more than 29 percent, to US$9.75 billion.
Exports to Hong Kong, the United States and EU countries worsened last month.
Exports to Hong Kong stood at only US$6.99 billion in January, a 12.7 percent decrease compared with January 2011. Exports to the United States plunged more than 15 percent, to US$2.4 billion. Exports to EU countries dipped 1.3 percent, to US$2.4 billion.
The sharp decrease in foreign trade was attributed to shrinking demands in struggling American and European markets, as well as the Spring Festival holidays.
Shenzhen exported more than US$12.7 billion worth of mechanical and electrical products last month, a drop of 9.9 percent compared to January last year but accounting for more than 74 percent of the city’s total foreign trade value.
Other regional exporters appear to be dealing with export struggles, as well. Shenzhen witnessed an average decrease of 30 percent in imports from ASEAN countries, China’s Taiwan, and Japan, which are the biggest sources of imports for Shenzhen.