Shenzhen's Processing Trade Tops 30 Billion U.S. Dollars
SHENZHEN, January 24 (Xinhua) -- Shenzhen, south China's boomtown bordering Hong Kong, exported 31.19 billion U.S. dollars worth of goods in processing trade last year, a year-on-year increase of 7.7 percent.Sheng Bin, director of the Economic and Trade Bureau of Shenzhen municipal government, said on Tuesday that the figure represents 21.2 percent of the country's total exports in processing trade.
The external processing trade also accounted for 83 percent of the city's overall foreign trade of 37.4 billion U.S. dollars for 2001.
The city exported 14 billion U.S. dollars worth of high-tech products in processing trade last year, up 17.9 percent over the previous year, said Sheng, and exports of electronic and information products grew by 25.8 percent.
He attributed the rapid growth to the relocation of manufacturing centers by overseas companies to Shenzhen. U.S. giant IBM has relocated some of its manufacturing companies from Japan, Australia and the Republic of Korea to Shenzhen.
The city reported negative growth in traditional labor- intensive goods, such as textiles and plastic products.
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