China’s southern tech hub of Shenzhen is poised to surpass long-time foreign trade champion Shanghai this year, after posting record trade value and growth in the first 11 months of 2024.
The strong growth has been supported by growing demand for electronics, high-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 percent year-on-year increase, which was also the highest ever.
The trade value figure of 4.11 trillion yuan was about 6 percent higher than Shanghai, which has held the top spot for annual trade value in China for the past decade, according to Post calculations based on data from Shanghai Customs.
Shenzhen’s trade growth also accounted for about 81 percent of trade growth in Guangdong province and a third of the national increase over the 11 months.
Known as the 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 maker Huawei Technologies and electric vehicle company BYD.
Private Chinese companies account for more than 70 percent of Shenzhen’s trade volume, and foreign-invested companies account for nearly 25 percent. State-owned companies make up the remaining 5 percent.
