(Yicai) April 22 -- Shenzhen’s imports and exports reached CNY1.02 trillion (USD140.8 billion) in the first three months, marking the first time in 10 years that the value has surpassed CNY1 trillion for that period, driven by strong growth in the Chinese hi-tech hub’s cross-border e-commerce sector.

Shenzhen’s foreign trade expanded 28.8 percent in the three months ended March 31 from a year earlier, according to data released by Shenzhen Customs on April 19. Imports surged 30 percent to CNY377.85 billion (USD52.1 billion) while exports soared 28 percent to CNY642.44 billion.

The city’s exports accounted for almost half of southern Guangdong province’s total import and export value, making Shenzhen the city with the biggest export volume in the country.

Cross-border e-commerce hit a new high for the period at CNY110 billion (USD15.1 billion), accounting for 19 percent of the national total, the report said. There are more than 150,000 cross-border online retailers in Shenzhen and they make up around half of the Chinese vendors on e-marketplaces such as Alibaba, AliExpress, Lazada and eBay, and a third of those on Amazon.

Many foreign e-commerce companies such as Singapore's Shopee, Russia's Ozon and Nigeria's Jumia have chosen to establish their Chinese regional headquarters in Shenzhen.

Trade with the city’s top 10 trading partners continued to grow over the period. Imports and exports to its biggest trading partner, the Association of Southeast Asian Nations, surged 38.4 percent to CNY165.6 billion (USD22.8 billion), accounting for 16.2 percent of all foreign trade.

The city’s furniture, apparel and household appliance exports boomed. Shenzhen's furniture exports more than doubled in the first quarter from a year ago, soaring by 136 percent, to CNY13.2 billion (USD1.8 billion), while that of textiles and garments jumped 51.7 percent to CNY26.1 billion and that of mobile phones, computers, and household appliances surged 17.8 percent to CNY83.6 billion (USD11.5 billion).

Shenzhen's foreign trade performance aligns with that of the whole country. The value of China’s imports and exports exceeded CNY10 trillion (USD1.3 trillion) in the first quarter for the first time in that period, according to data released earlier by the General Administration of Customs. And the growth rate was the fastest in 18 months.

Editor: Kim Taylor