Anhui’s foreign trade volume surged 26.3 percent year on year to $31.1 billion in the first half of 2018(H1), higher than the national average of 16.0 percent, data from the local customs showed.
The eastern Chinese province imported mechanical and electrical equipment worth $5.2 billion during the Jan-Jun period, representing a year-on-year rise of 40.8 percent.
The growth was largely attributed to the operation of some big investment projects, a source with the Bureau of Commerce of Anhui Province said, adding that importing advanced equipment will make up for the province’s weakness in the manufacturing industry, and push forward industrial transformation and upgrading.
1,550 foreign trade companies were registered in Anhui between January and June, bringing the total number to almost 30,000. Top ten of them contributed to 76.8 percent of the province’s foreign trade growth during the first half of this year.
High-tech exports grew 48.7 percent year on year to $4.61 billion, while mechanical and electrical exports hit $10.1 billion, up 28.3 percent. They accounted for 26.9 percent and 59.0 percent of the province’s total exports in the Jan-Jun period.
The province will face challenges in the second half of this year amid growing uncertainties in international trade, analysts said. Its foreign trade volume edged up 0.9 percent in June, the lowest since January.
However, the province is expected to see its annual foreign trade growth faster than the national average, thanks to its remarkable performance during the first half of this year, according to industrial insiders.