Southwest China’s Xizang Autonomous Region has witnessed a remarkable surge in its foreign trade during the first half of 2024, according to local authorities. The region’s total import and export value surpassed 3.8 billion yuan (approximately $522.7 million), marking a staggering 132.4 percent year-on-year increase. This growth rate ranks first nationwide, as reported by Lhasa Customs.
Xizang’s exports grew significantly, rising 122.9 percent from the same period last year to exceed 3.2 billion yuan. Imports experienced an even more pronounced climb, increasing by 202 percent year-on-year to reach 591 million yuan. This substantial growth in both exports and imports underscores the region’s expanding economic vitality.
During this period, Xizang expanded its global trade network by adding 36 new foreign trade partners compared to the first half of the previous year. The region’s main foreign trade commodities are labor-intensive products and mechanical and electrical goods, highlighting its growing role in these key sectors.
Private enterprises played a pivotal role in this surge, with over 90 percent of foreign trade companies in Xizang belonging to the private sector. These enterprises contributed approximately 3.72 billion yuan in imports and exports, up 133.7 percent year-on-year. This demonstrates the significant impact of private businesses on the region’s trade performance.
The robust growth of Xizang’s foreign trade not only reflects its economic development but also signals increasing integration with global markets. As the region continues to strengthen its trade relationships and diversify its economic activities, it is poised to play an increasingly influential role in China’s overall economic landscape.
Reference(s):
cgtn.com
