Wuxi sees foreign trade growth in Jan-Oct period

The foreign trade of Wuxi in East China's Jiangsu province surged 11.8 percent year-on-year in the first 10 months of the year, according to new data from local customs released on Nov 30.

Wuxi's imports and exports totaled about 552.47 billion yuan ($86.72 billion) in the period, among which the monthly export value in October hit a new high.

Electromechanical products, particularly integrated circuits, electrical equipment, automatic data processing equipment parts, and auto parts, accounted for more than 60 percent of the city's exports.

From January to October this year, the city's exports to countries involved in the Belt and Road Initiative increased by 28.4 percent year-on-year, driving the city's foreign trade exports to increase by 7.7 percent.

According to officials from local customs, at a time when the COVID-19 epidemic continues to affect global trade, the RCEP has provided Wuxi more chances to deepen cooperation with foreign countries in terms of investment access inventory, regional market integration, as well as investment promotion facilitation.

Statistics showed that from January to October, the imports and exports of private enterprises reached 189 billion yuan, accounting for 34.2 percent of the total. The growth rate was 26 percent, 14.2 percentage points higher than the city's average.

Chen Biao, manager of Wuxi GMB International Corporation, said that the company has built a set of digital systems to understand customers' buying habits and consumption levels through big data captured from the sales, quality, as well as customer complaints of export orders, allowing them to recommend products and services based on customer preferences.