Chongqing Demonstrates Resilience and Clear Pathways in Stabilizing Foreign Trade

In October, the Chongqing Hub Port Industrial Park is bustling with activity as many enterprises have shifted into high gear. Chongqing Ju Rui Sen Decoration Materials Co., Ltd. is operating its production lines around the clock. Since the company's first shipment of super particleboard to Australia in March this year, its overseas market has continued to expand, with current monthly exports reaching nearly 20,000 sheets. Similarly, Chongqing Kema Industrial & Trading Co., Ltd., with over 80% of its main products like gasoline and diesel engines exported to over 120 countries including Italy, is also operating at full capacity. 

This vibrant production scene offers a tangible sense of the robust dynamism driving Chongqing's foreign trade. The prosperity of these enterprises resonates with the municipality's own economic pulse. Recently, Chongqing unveiled its latest foreign trade report card: according to Chongqing Customs, in the first three quarters of this year, the municipality's total import and export value reached RMB 581.98 billion, an increase of 12.3% year-on-year. This growth rate is 8.3 percentage points higher than the national average. Exports amounted to RMB 400.83 billion, up by 10.6%, while imports reached RMB 181.15 billion, growing by 16.2%.

Assessing this report card requires looking not just at the "volume" but also at the "momentum." While the RMB 581.98 billion scale may be smaller compared to coastal powerhouses like Guangdong and Jiangsu, the encouraging double-digit growth of 12.3% stands out. Amid the complex landscape of rising trade protectionism, which forces foreign trade to confront greater uncertainties, Chongqing's ability to advance under pressure and achieve steady growth reflects notable resilience against risks and underscores the strength of its growth drivers.

Foreign trade, one of the "troika" driving economic growth, is an area where Chongqing exhibits strong confidence.

This confidence is rooted in a solid "ballast stone" - the continuously expanding "33618" modern manufacturing cluster system, which produces high-quality and popular products like electric vehicles and motorcycles. It also stems from an extensive "circle of friends": while ASEAN remains its largest partner, Chongqing's trade with emerging markets such as Central Asia and Africa saw significant growth increases of 76% and 38% respectively in the first three quarters. Further reinforcing this foundation are the growing number of market entities and the municipality's unparalleled logistics advantages. These interconnected factors form a unique competitive edge, not only securing current stability but also paving the way for a more open future.

From Product Export to Industry Export: Securing Initiative in Trade Growth.

Relying on single-product exports can be vulnerable to market fluctuations. Initiatives like the "Chongqing Vehicles Going Global" program represent a more robust alternative. A prime example is Changan Automobile's Luoyong factory in Thailand, Chongqing's first overseas new energy vehicle production base. On one hand, Changan Automobile uses this base to lead a collective expansion of the entire industrial chain, including component suppliers. On the other hand, it enhances local R&D capabilities tailored to the regional market. This approach shifts foreign trade growth from "solo combat" to industrial cooperation, thereby strengthening stability and competitiveness and helping businesses avoid passivity due to market changes.

From Market Exploration to Rule Alignment: Ensuring Sustainable Trade Operations.

Long-term business success depends on mutual efforts to improve collaborative rules, which protect rights and reduce costs. In March, two Chongqing companies were approved to export five types of animal-derived food products to Singapore. Notably, eligible producers within Chongqing can now be recommended for export registration to Singapore by General Administration of Customs of the PRC without reapplying individually. This is a practical example of leveraging institutional innovation to integrate into overseas markets. As Chongqing engages with more international partners, promoting the alignment of rules and standards is a crucial direction for consolidating cooperation.

The fourth quarter represents both the final sprint for the year's economic goals and a critical window for foreign trade momentum. Recently, the Ministry of Commerce indicated plans to strengthen policy reserves and introduce new measures to stabilize foreign trade. With this supportive policy backdrop, Chongqing's foreign trade is well-positioned to maintain its progress and positive trajectory, contributing significantly to the municipality's overall development.

Source: Chongqing Daily