Wenzhou footwear and other foreign trade products have grown sharply European debt crisis still exists

According to the statistics of Wenzhou Customs, the total import and export volume of Wenzhou City in May 2010 reached 1.393 billion U.S. dollars, a year-on-year increase of 35.4%, lower than the average increase rate of 15.1 percentage points in Zhejiang Province, and a year-on-year increase of 16.1%. Wenzhou’s foreign trade situation is still not optimistic.

According to statistics, in the first five months of this year, Wenzhou’s total import and export volume reached 5.84 billion U.S. dollars, a year-on-year increase of 23.2%; of which foreign trade exports were 4.88 billion U.S. dollars, up 26.5% year-on-year; foreign trade imports were 960 million U.S. dollars, up 8.6% year-on-year.

In May, the export of Wenzhou's foreign trade saw a year-on-year growth. The monthly export was 1.18 billion U.S. dollars, an increase of 43.1% year-on-year, and 61.4 percentage points higher than that of the same period of last year. It was the highest in the first five months of this year. Imports of foreign trade amounted to 210 million U.S. dollars, and the rate of increase has dropped significantly, with an increase of only 4.7% year-on-year, and a 17.8% drop from the same period of last year.

According to the analysis of the customs department, the high growth of foreign trade exports in May mainly benefited from factors such as the lower base of the same period last year, and it was also the result of the recovery driven by the recovery of external demand in the context of the recovery of the world economy. However, throughout the province, Wenzhou’s growth rate of foreign trade exports was lower than the average increase of 14.1% in Zhejiang Province, and it was superior to Jiaxing and Yiwu in Zhejiang Province. Foreign trade exports ranked sixth in the province, ranking behind Ningbo, Hangzhou, Shaoxing, Jiaxing and Taizhou.

Although exports are currently limited by the European debt crisis, the impact of the euro on the devaluation of the renminbi is gradually emerging. The EU is Wenzhou’s largest export market, with the trade volume accounting for 26.1% of the total value of Wenzhou’s exports. If the euro continues to depreciate, foreign trade exports to Wenzhou will have a greater negative impact. Coupled with the current endless trade frictions in the international trade market for "Made in China," Wenzhou's foreign trade situation is still not optimistic.

From the perspective of commodity structure, we continued to maintain the characteristics of labor-intensive products for export and primary products for raw materials. The top five commodities exported by Wenzhou in May were footwear, clothing, on-off protection circuit devices, glasses, and valves. The main commodities imported are logs, plastic particles, chemical raw materials, raw hides and ferroalloys, all of which are primary products. From the point of view of the trade market, it is still dominated by the markets of the developed countries such as the EU and the United States. In May, Wenzhou's merchandise exports reached 169 countries and regions, and the EU, the United States, ASEAN, Russia, and the UAE ranked among the top five export markets in our city. In May, Wenzhou enterprises imported goods from 77 countries and regions, of which imports from Gabon and Canada grew rapidly. The EU, Gabon, the United States, ASEAN, and Canada accounted for the top five in the city’s import trade market.