In 2024, Guangzhou's foreign trade reached a record high of 1.12 trillion yuan, growing 3% year-on-year and surpassing one trillion yuan for the fourth consecutive year. The exports hit 700.55 billion yuan, a 7.8% increase, breaking the 700 billion yuan record for the first time in history, according to Guangzhou Customs District.
Guangzhou's import and export growth rate in 2024 accelerated by 2.9 percentage points compared with 2023.
Guangzhou is continuously broadening its "friends circle" around the world. Guangzhou engaged with about 95% of the countries and regions tracked by the United Nations and achieved positive growth with 130 of them. Exports to the U.S. and the EU grew by 14% and 10.6%, respectively, highlighting strong demand for Guangzhou's products in these key markets.
Although many foreign media and think tanks mentioned the retreat of foreign investors from China, foreign-invested enterprises in Guangzhou contributed 332.6 billion yuan in trade in 2024. The number of foreign-invested enterprises with import and export performance in the city increased by 230 compared with the previous year, with the total number exceeding 3,000, which has continued to rise for 10 consecutive months.
Nearly 26,000 Guangzhou businesses were involved in import and export activities with a 14.9% increase. Private enterprises made up over 85% of the total, with 22,000 companies engaged in foreign trade. Their total imports and exports reached 642.24 billion yuan, growing by 6.2%, accounting for 57.1% of the city's total foreign trade value.
New productive forces were key drivers of export growth. Guangzhou-manufactured goods saw an 8.7% rise in exports, with high-tech products up by 9.7%. The total export of electric vehicles, lithium batteries, and photovoltaic products reached 15.6 billion yuan, an increase of 19.2%. Among them, the export of lithium batteries exceeded 5 billion yuan, a historical high. The export volume of electric vehicles will exceed 70,000 units for the first time, up 30%.
Guangzhou also became China's leading exporter of beauty and personal care products, with exports nearing 10 billion yuan, a 32.1% increase. Cross-border e-commerce retail exports, mainly consumer goods, grew by nearly 20%.
On the import side, consumer goods accounted for 22.1% of total imports, higher than the national average, while imports of bulk commodities surged by 29.6%, demonstrating the strong momentum of the domestic demand market both in production and consumption.
Guangzhou's role as a logistics hub continued to strengthen, with cargo volumes at the Port of Nansha and Baiyun Airport increasing by 18.7% and 14.2% respectively. The Port of Nansha's cherry imports grew by over 40%. During the Southern Hemisphere cherry season, one in every two imported cherries in China came through Nansha.
Additionally, 390 China-Europe Railway Express trains departed from Guangzhou International Port in 2024, enhancing the city's connectivity with global markets.