Shenzhen's January-November Trade Hits 4.12 Trillion Yuan, Leading Mainland Cities

Overview

Shenzhen Customs announced on December 24, 2025 that the city's total foreign trade (imports and exports) reached 4.12 trillion yuan (about 584.6 billion U.S. dollars) in the first eleven months of the year, keeping Shenzhen in first place among Chinese mainland cities. Exports totaled 2.5 trillion yuan and imports 1.62 trillion yuan, with imports up 7.7% year on year.

By product, imports of electromechanical goods grew 9.5% and accounted for 81.5% of total imports. On the export side, customs officials said products from both the traditional electronic information industry and emerging industries achieved "counter-trend growth." By type of business, private enterprises accounted for nearly 70% of the city's total trade.

Background

Shenzhen grew as a manufacturing and export base for electronics, telecommunications equipment and new-energy products, and it is one of the largest trading cities in mainland China. Uncertainty in the global trade environment rose in 2025, and export-oriented cities were seen as facing a challenging period. Although the latest release did not give an export growth rate, steady growth in imports helped support overall trade.

Shenzhen is also stepping up its opening-up and investment promotion efforts. At the "2025 Shenzhen Global Investment Promotion Conference" held on December 5, more than 340 new projects with total investment of 770 billion yuan were signed, according to the city. In addition, the APEC Economic Leaders' Meeting is scheduled to take place in Shenzhen in November 2026, drawing further attention to the city's role as a hub for international economic exchange.

Foreign investment has also been active. Citing Xinhua, JETRO reported that more than 10,000 new foreign-invested enterprises were established in Shenzhen from January to October 2025, and that just over 340 Fortune Global 500 companies have operations in the city. New entries and capital increases by foreign companies are likely to affect the city's trade through imports of components and equipment as well as exports of finished products.

Key Points

Item	January-November 2025
Total trade	4.12 trillion yuan (first among mainland cities)
Exports	2.5 trillion yuan
Imports	1.62 trillion yuan (up 7.7% year on year)
Electromechanical imports	Up 9.5%, 81.5% of total imports
Share of private enterprises	Nearly 70% of total trade

• Growing imports: Electromechanical products make up more than 80% of imports, suggesting that procurement for industry, such as electronic components and production equipment, is the main driver.
• Export mix: In addition to the traditional pillar of electronic information products, goods from emerging industries also grew, pointing to a gradually diversifying export structure.
• Private-sector weight: The fact that private companies handle nearly 70% of trade reflects a defining feature of Shenzhen's economy.

Implications for Japan-Shenzhen Exchange

Shenzhen's electromechanical imports include many categories in which Japanese companies are strong, such as electronic components, semiconductor-related products and precision machinery. The upward trend in imports is therefore likely to be of interest to Japanese companies that do business with Shenzhen's manufacturers.

Because private enterprises are the main players in Shenzhen's trade, building connections with private firms is expected to remain important for Japanese companies seeking customers or partners in the city. The release did not provide a breakdown by country or region, however, so trends in trade with Japan will need to await more detailed statistics.

In addition, growth in exports from emerging industries indicates that Shenzhen companies are broadening their product lineups. Changes in the city's export structure are likely to be useful information for Japanese companies considering sourcing products or components from Shenzhen, and for those seeking to work with Shenzhen firms to develop markets in third countries.

Outlook

Full-year 2025 trade figures are expected to be released by customs authorities in January 2026. Key points to watch include full-year export growth and any shifts in the mix of trading partners. Many uncertainties remain over the trade environment in 2026, and the outlook is not yet clear.

From the Association

The Association will continue to follow Shenzhen's trade and economic statistics and share them with members in an accessible way, as part of our efforts to support business exchange between Japan and Shenzhen.