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ASEAN replaces HK as largest trading partner of Guangdong

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Guangdong province, China’s largest foreign trader, recorded an import-export volume of more than seven trillion yuan ($1.08 trillion) for 2020 after the province set a record for exports, according to Guangdong Customs. China Daily/ANN

ASEAN replaces HK as largest trading partner of Guangdong

Guangdong province, China’s largest foreign trader, recorded an import-export volume of more than seven trillion yuan ($1.08 trillion) for 2020 after the province set a record for exports, according to Guangdong Customs.

Guangdong’s foreign trade with ASEAN, the US and EU – as well as cross-Straits trade with Taiwan — all saw year-on-year growth in 2020 despite the coronavirus pandemic and the tensions in Sino-US relations, the customs office said.

Guangdong, a major production base for the world, reached a foreign trade volume of 7.08 trillion yuan in 2020, representing more than 22 per cent of the country’s total despite a slight year-on-year drop of 0.9 per cent.

The province sold 4.35 trillion yuan worth of products abroad, marking year-on-year growth of 0.2 per cent and a record high, while its imports came to 2.73 trillion yuan, a year-on-year drop of 2.6 per cent.

Guangdong had a trade surplus of 1.62 trillion yuan in 2020.

ASEAN has replaced Hong Kong as the largest trading partner of Guangdong, which is home to myriad foreign-funded companies and joint ventures.

Guangdong achieved trade volume of 1.09 trillion yuan with ASEAN last year, up 6.5 per cent year-on-year, while the province reached a total trade volume of one trillion yuan with Hong Kong, a year-on-year drop of 8.8 per cent.

Guangdong’s foreign trade with the US and EU saw year-on-year growth of four per cent and one per cent, respectively. Trade with Taiwan grew by 7.9 per cent over the previous year.

CHINA DAILY/ASIA NEWS NETWORK

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