Guangxi’s import and export to countries co-building the “Belt and Road” maintains strong growth momentum

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Guangxi’s import and export to countries co-building the “Belt and Road” maintains strong growth momentum

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On October 16, the Nanning Customs reported that Guangxi has maintained a robust growth in imports and exports with countries participating in the Belt and Road Initiative this year, significantly contributing to the region’s overall foreign trade growth. In the first three quarters, Guangxi’s total foreign trade amounted to 521.77 billion yuan, marking a year-on-year increase of 9.1%.

Specifically, Guangxi’s trade with Belt and Road countries reached 393.65 billion yuan during the same period, a remarkable growth of 14.7%, accounting for 75.4% of the region’s total foreign trade, which boosted the overall foreign trade growth by 10.5 percentage points. Looking at individual countries, trade with Vietnam alone was 212.08 billion yuan, reflecting a growth of 22%. Additionally, imports and exports with Africa and South Asia rose by 14.9% and 4.7%, respectively.

Furthermore, trade with other members of the Regional Comprehensive Economic Partnership (RCEP) constituted nearly 60% of Guangxi’s total trade, amounting to 308.69 billion yuan, with a growth rate of 16.2%. Notably, trade with ASEAN and Australia reached 274.79 billion yuan and 23.75 billion yuan respectively, with increases of 18.2% and 22.6%. During the same period, imports and exports with other BRICS nations, the United States, and Chile saw growth rates of 8.6%, 13.1%, and 22%, respectively.

According to an analysis by Nanning Customs, the growth in foreign trade is also supported by a significant increase in exports. In the first three quarters, Guangxi’s exports surged by nearly 20%, totaling 285.38 billion yuan, which is an increase of 19.5%. Exports to Belt and Road countries of lithium batteries and electric vehicles grew by 237.4% and 13.9%, respectively. Concurrently, growth in the region’s paper, steel, and chemical industries led to expanded exports in paper products, steel, and basic organic chemicals, with increases of 54%, 71.9%, and 25.5%.

A representative from Nanning Customs emphasized the stabilizing role of bulk commodity imports, stating that in the first three quarters, Guangxi imported 58.29 million tons of bulk commodities valued at 137.21 billion yuan, reflecting a growth of 10.6%. This growth contributed an additional 5.5 percentage points to Guangxi’s overall import growth rate. Notably, the imports of metal ores and energy products have effectively supported the production needs of key industries within Guangxi.