China's Xizang Autonomous Region experiences 132.4 percent surge in foreign trade in H1
Date
7/22/2024 8:58:42 AM
(MENAFN) In the first half of 2024, foreign trade in southwest China's Xizang Autonomous Region experienced a remarkable surge of 132.4 percent year-on-year, according to local authorities. The region's total import and export value exceeded 3.8 billion yuan (approximately 522.7 million U.S. dollars), marking the highest growth rate nationwide, as reported by Lhasa Customs.
Of this total, Xizang's exports grew by 122.9 percent year-on-year, reaching over 3.2 billion yuan. Imports also saw a significant increase, climbing to 591 million yuan, which is a 202 percent rise compared to the previous year. The region's expanding foreign trade network has seen the number of trade partners increase by 36 compared to the same period last year. The main commodities in Xizang's foreign trade include labor-intensive products as well as mechanical and electrical goods.
An interesting trend noted during this period is that over 90 percent of the region's foreign trade enterprises are private businesses. These enterprises have contributed approximately 3.72 billion yuan to the region's imports and exports, reflecting a substantial 133.7 percent increase year-on-year. This growth highlights the vital role that private enterprises play in bolstering Xizang’s trade sector, driving significant economic development and expanding the region's global trade presence.
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