PUBLISHED MARKET GUIDE
Guangzhou's Foreign Trade Surpasses 1 Trillion Yuan from January to November 2024
Guangzhou's import and export volume exceeded 1 trillion yuan in the first 11 months of 2024, with a record number of new foreign-invested enterprises and strong performance at the Canton Fair.
Guangzhou's foreign trade imports and exports have surpassed 1 trillion yuan from January to November 2024, according to the Guangzhou Municipal Commerce Bureau. The city also saw a significant increase in new foreign-invested enterprises and continued strength in foreign investment attraction.
Independently written English guidance based on cited public sources. Every public guide is human reviewed; it is not an official translation of the source publisher.
Foreign Trade Performance
From January to November 2024, Guangzhou's foreign trade imports and exports volume reached 1007.49 billion yuan, a year-on-year increase of 2.4%, according to a press conference held by the Guangzhou Municipal Commerce Bureau on December 20. The full year total is expected to reach a new level of 1.1 trillion yuan.
In February 2024, Guangzhou introduced an action plan on foreign trade, foreign investment, outsourcing, foreign economic cooperation and foreign intellectual resources, proposing 22 measures to enhance international cooperation and competition.
Foreign Investment Highlights
The Guangzhou Economic and Technological Development Zone has ranked top in the nation for five consecutive years in terms of actual use of foreign investment. A cumulative total of 362 Fortune Global 500 companies have invested in Guangzhou.
In the first 11 months of 2024, 7,558 new foreign-invested enterprises were established, a year-on-year increase of 26.9%. The total execution amount of service outsourcing reached 18.34 billion USD, a growth of 4.6%, while new investment agreements for outward investment amounted to 2.39 billion USD, a growth of 43.7%.
Canton Fair and Opening-Up Initiatives
In 2024, important platforms such as the Canton Fair were fully utilized. The 135th and 136th Canton Fairs set new historical records in the number of buyers and the amount of intended transactions, with the intended transaction amount of the Guangzhou delegation accounting for over one-tenth of the total.
The city has also formed a new opening-up playout of "1+".
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