Guangdong trade down 21.8pc in first 5, widens in May

GUANGDONG province, first in trade value and Hong Kong's hinterland, posted a 21.8 per cent year on year decline in the first five months resulting in a figure that was lower than the national average, reports Xinhua.

Also, the year-on-year decline deepened in May after having narrowed for three consecutive months, indicating persistence of the international financial crisis, say local customs officials.

According to local customs data released, Guangdong's foreign trade value stood at US$208.52 billion between January and May. The total included $125.39 billion in export value, down 18.5 per cent, and 83.13 billion dollars in import value, down 26.3 per cent.

Provincial exports to the major markets were down 15.2 per cent to the US and 22.5 per cent to the EU.

The province's rate of foreign trade decline was 31.1 per cent in January, 19.2 per cent in February, 18.3 per cent in March, 18.1 per cent in April and 22.1 per cent in May.

(Source: American Shipper)