A total of 19.498 billion RMB worth of export tax rebates or exemptions were processed in Changzhou during 2020, ranking fourth in Jiangsu province.
Having experienced a contraction in the first half of 2020 due to the COVID-19 outbreak, Changzhou’s exports gradually recovered in the second half of the year. A total of 45,300 enterprises applied for export tax refund throughout the year, with 26.223 billion USD in declared value of exported goods, reaching almost the same levels as 2019.
In 2020, the value of exported goods declared by domestic-funded manufacturers in Changzhou surpassed that of foreign-funded suppliers for the first time, accounting for 43.3% of the city’s exports, a year-on-year increase of 5.78%. Mechanical and electrical equipment remained the city’s main export product, accounting for 40.16% of total exports. Chemicals and transportation equipment saw positive export prospects on demand, while the export of textile and apparel products, photovoltaic equipment, and metal products declined.
Europe remained the biggest export market for Changzhou in 2020, reaching a year-on-year increase of 4.66%, accounting for 19.45% of the city’s exports. Exports to the United States still increased against the backdrop of the COVID-19 pandemic and U.S.-China trade friction, accounting for 18.09% of the city's exports. In the Asian market, exports to ASEAN countries and South Korea grew significantly, while exports to Hong Kong and Japan plummeted.
Local tax authorities have also introduced a series of measures to facilitate export tax rebates to help enterprises weather through this difficult period, supporting a sustained, stable and healthy development of foreign trade.
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