Xiamen's main export growth focuses on European and US markets
Since the beginning of this year, the Chinese yuan’s sharp depreciation has curbed trade arbitrage in a short amount of time, according to the Xiamen Municipal Bureau of Commerce on July 28.
In this context, the European Union and the United States became the first and second biggest export markets for Xiamen, together raising the city’s export growth by 3.2 percentage points.
At the same time, as emerging markets were affected by political unrest and inflation, their exports were majorly impacted. And Xiamen’s exports to Hong Kong and ASEAN countries have declined sharply.
In the first half of the year, Xiamen’s export volume to Europe added up to $5 billion, a year-on-year increase of 12.4, which is 15.2 percentage points higher than the average export growth level. Export volume to US reached $4.2 billion, up by 5.9 percent, 8.2 percentage points higher than the average export growth level.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.