Nanyang foreign trade shows steady growth

Nanyang's total imports and exports ranked second in Henan province in January, reaching 1.57 billion yuan ($234.6 million). This represents a year-on-year increase of 11.2 percent, and is up 9.6 percent from last December.

Growth in the city's foreign trade appeared stable, with exports valued at 1.28 billion yuan and imports valued at 290 million yuan.

The private sector was the main driver of local foreign trade development, with a total value of 1.29 billion yuan. The value of trade of state-owned firms rose to 190 million yuan, while the trade value of foreign-funded enterprises dropped 7.35 percent to 86 million yuan.

Agricultural exports began increasing slowly, reaching 803 million yuan. The export of mechanical and electrical products increased by 43.5 percent, while the export of high-tech products increased by 27.6 percent. Textile exports were valued at 77.28 million yuan, up 1.5 percent.

Trade with Belt and Road countries accounted for 45 percent of Nanyang's total foreign trade value, hitting 710 million yuan. Traditional markets in the EU, United States, Japan, and South Korea made up 44 percent of the city's foreign trade with a total value of 690 million yuan in January, while emerging markets such as Africa, Latin America, and Southeast Asia saw a drop of 6.3 percent to 750 million yuan.