‘Resilient’ trade of China’s Shenzhen puts tech hub in position to overtake Shanghai
Total trade value in city dubbed China’s Silicon Valley surged past 4 trillion yuan from January to November, with a record year-on-year increase
China’s southern tech hub of Shenzhen is poised to surpass long-time foreign-trade champion Shanghai this year, having posted record trade by value and a record growth rate in the first 11 months of 2024.
The strong growth has been buoyed by growing demand for electronics, hi-tech products, and an expansion of cross-border e-commerce, according to the state-run Shenzhen Special Zone Daily, citing customs figures.
For the first time, Shenzhen’s total trade value, including exports and imports, exceeded 4 trillion yuan (US$548.13 billion) from January to November, marking a 17.4 per cent year-on-year increase, which was also an all-time high.
The trade-value figure of 4.11 trillion yuan was about 6 per cent higher than that of Shanghai, which has held the top spot for annual trade value in China over the past decade, according to Post calculations based on data from Shanghai customs.
Shenzhen’s trade growth also accounted for roughly 81 per cent of trade growth in Guangdong province and one-third of the national increase over the 11 months.
Renowned as a flagship city of China’s reform and opening-up efforts, Shenzhen is home to global tech giants such as drone maker DJI, internet giant Tencent, semiconductor and mobile producer Huawei Technologies, and electric vehicle (EV) firm BYD.
Private Chinese enterprises account for more than 70 per cent of Shenzhen’s trade volume, and foreign-invested companies are responsible for nearly 25 per cent. State-owned companies make up the remaining 5 per cent.
