Core Points - Shenzhen's total import and export volume for the first four months of 2025 reached 1.39 trillion yuan, a decrease of 1.0% year-on-year, with exports at 829.34 billion yuan (down 7.0%) and imports at 565.22 billion yuan (up 9.4%) [1] - Shanghai's foreign trade for the same period was 1.40 trillion yuan, an increase of 1.0% year-on-year, with exports at 629.02 billion yuan (up 13.8%) and imports at 775.82 billion yuan (down 7.4%) [1] - Shanghai has maintained a lead over Shenzhen in foreign trade, with Shanghai's total import and export volume for Q1 2025 at 1.005385 trillion yuan (down 2.7%) compared to Shenzhen's 990.104 billion yuan (down 2.8%) [1] - In 2024, Shenzhen's foreign trade volume surged to 4.5 trillion yuan, a year-on-year increase of 16.4%, surpassing Shanghai's 4.27 trillion yuan [1] Trade Dynamics - Shenzhen's foreign trade dependency ratio exceeded 120% in 2024, indicating a higher sensitivity to global economic fluctuations compared to Shanghai [2] - In April 2025, Shenzhen's trade with major partners showed mixed results, with imports and exports to ASEAN and the US declining by 4.1% and 22.6% respectively, while trade with Taiwan and the EU increased by 29.4% and 8.1% [2] - Despite challenges, Shenzhen's trade showed resilience with a total of 404.61 billion yuan in April, a year-on-year increase of 3.8%, marking two consecutive months of positive growth [2] Policy Responses - Both Shenzhen and Shanghai have initiated measures to stabilize foreign trade, including encouraging companies to expand globally and invest in research and development to enhance product competitiveness [5] - Shenzhen's municipal government has emphasized the need to adapt to changing circumstances and attract foreign investment to meet economic targets [5] Future Outlook - The competition between Shenzhen and Shanghai for the title of "Foreign Trade First City" remains uncertain, with both cities contributing significantly to China's foreign trade stability [6]