Shenzhen's Q1 GDP grows 5.8%, foreign trade up 33.6%

Overview

On April 22, 2026, the Shenzhen Municipal Statistics Bureau, citing the unified regional GDP accounting of Guangdong Province, announced that Shenzhen's gross domestic product reached 959.413 billion yuan in the first quarter of 2026, up 5.8% year on year at constant prices. Primary industry contributed 642 million yuan (up 7.3%), secondary industry 322.347 billion yuan (up 7.3%) and tertiary industry 636.425 billion yuan (up 5.0%). The Shenzhen Special Zone Daily described the economy as making steady progress with a good start to the year.

On the same day, figures from Shenzhen Customs showed the city's foreign trade reached about 1.32 trillion yuan in the quarter, up 33.6%, accounting for 11.1% of China's total.

Background

Shenzhen's economy rests on high-tech manufacturing and foreign trade, with the electronics and information industry playing a major role. In 2025, fixed-asset investment fell 21.7% for the full year, and weak investment was seen as a challenge. The first-quarter data show investment returning to growth, while industrial output and trade expanded strongly, which has been read as a solid start to the year. The figures are also closely watched because Shenzhen accounts for a large share of China's foreign trade and is home to many of the country's leading technology manufacturers.

Key points

Indicator (Q1 2026)	Figure
GDP	959.413 billion yuan (up 5.8%)
Industrial value added (large firms)	Up 8.7%
Total foreign trade	1.3166 trillion yuan (up 33.6%)
Fixed-asset investment	Up 0.2% (up 10.0% excluding real estate)
Retail sales of consumer goods	241.741 billion yuan (up 0.5%)
Consumer prices (CPI)	Up 0.4%

• Industry: Manufacturing grew 9.3%. Computer, communications and electronic equipment manufacturing rose 13.9% and special equipment manufacturing 11.8%. By product, output of industrial robots rose 74.2%, 3D printing equipment 71.8% and lithium-ion batteries 25.9%.
• Services: Finance grew 9.7% and information transmission, software and IT services 7.3%. Airport passenger traffic rose 5.9% and port container throughput 8.2%.
• Trade: Exports reached 724.028 billion yuan (up 24.3%) and imports 592.585 billion yuan (up 47.2%). High-tech exports rose 21.5%. The top three trading partners were Hong Kong, ASEAN and the EU. Trade by private firms grew 42.4% and by foreign-invested firms 25.0%. Exports of electronic components rose 43.7%, while imports of mechanical and electrical products grew 30.8% and computer parts 35.1%.
• Trade modes: General trade reached 697.43 billion yuan, up 37.3% and accounting for 53.0% of the total. Bonded logistics trade was 372.96 billion yuan (up 28.5%) and processing trade 241.4 billion yuan (up 33.8%). Trade with countries along the Belt and Road came to 431.1 billion yuan, up 23.9%.
• Investment: Infrastructure investment rose 31.2%, while real estate development investment fell 18.2%.
• Consumption: Goods retail fell 0.3% while catering revenue rose 6.1%. Some categories, such as furniture (up 30.1%) and cosmetics (up 13.8%), performed well.

What it means for Japan–Shenzhen exchange

The strong growth in exports of electronic components and imports of mechanical and electrical products and computer parts suggests that Shenzhen's electronics supply chain is busy. For Japanese companies supplying parts, materials and manufacturing equipment, the data appear to be a useful indicator of demand in South China. Higher output of industrial robots and lithium-ion batteries may also draw interest from Japanese firms in related components and equipment.

Retail sales, by contrast, grew only 0.5%, suggesting that Japanese companies in retail and consumer goods continue to face a market where shoppers are selective. Growth in categories such as furniture and cosmetics shows that conditions differ by product, and these differences are attracting attention.

Outlook

Data for the second quarter and beyond will be released in due course. Whether trade can sustain its rapid growth, and how consumption and the property market develop, remains to be seen.

From the Association

The Association will keep following Shenzhen's economic data and industrial trends and sharing timely information with members. We will continue to provide a platform for economic exchange between Shenzhen and Japan.