Last year, the total value of Guizhou's foreign trade reached 50.07 billion yuan ($7.41 billion), of which imports accounted for 16.33 billion yuan and exports accounted for 33.74 billion yuan. The trade surplus reached 17.41 billion yuan, according to Guiyang customs.
In 2018, general trade in Guizhou was valued at 26.7 billion yuan, accounting for 53.3 percent of the province's total foreign trade. Processing trade rose by 9.6 percent to 21.06 billion yuan, accounting for 42.1 percent, while bonded trade surged by 33.5 percent to 1.22 billion yuan, accounting for 2.4 percent.
Private trade made up 38 percent (19.02 billion yuan) of the total foreign trade value in 2018, while State-owned enterprises accounted for 33.2 percent (16.61 billion yuan) and foreign-funded enterprises accounted for 28.8 percent (14.43 billion yuan).
Mechanical and electrical products accounted for 58.1 percent (29.08 billion yuan) of foreign trade. Exports of electronic products, including smartphones and equipment, reached a value of 17.25 billion yuan, making up 51.1 percent of the total value of the province's exports. Imported electronic products were valued at 11.83 billion yuan, accounting for 72.4 percent of the province's total import value.
In addition, the structure of foreign trade was improved by adjusting policies on bonded zones, international transportation and customs. As a result, the Zunyi Bonded Zone and Guiyang Cross-Trade E-Commerce Integrated Experimental Zone were approved, five new international airlines began operating, and seven new customs areas, including Gui'an New Area customs, opened in Guizhou.
Guizhou foreign trade enterprises can also now complete the customs clearance process much faster. The time needed for imports to clear customs decreased by 68.16 percent from 2017, now taking just 28.27 hours, while the time needed for exports decreased by 64.42% percent to 2.8 hours.
Li Hanyi contributed to this story
