China’s Gansu Province has reported significant growth in its foreign trade during the first four months of 2023, as per data from local customs. The trade volume between Gansu and countries along the Belt and Road Initiative has witnessed a year-on-year increase of 16.3 percent, showcasing the province’s expanding economic ties with these nations.
Between January and April, the total value of Gansu’s foreign trade reached an impressive 21.2 billion yuan (approximately 3 billion U.S. dollars), marking a modest 0.8 percent rise compared to the same period last year. Notably, Gansu’s trade with Belt and Road countries accounted for 55.4 percent of its overall foreign trade, amounting to a total of 11.75 billion yuan.
Moreover, Gansu Province experienced a remarkable surge in trade with member countries of the Regional Comprehensive Economic Partnership (RCEP), showcasing a year-on-year growth rate of 53.2 percent, reaching a value of 6.1 billion yuan. This underscores the province’s engagement with a broader range of trading partners and the increasing importance of regional economic cooperation.
One notable aspect of Gansu’s foreign trade performance is the export of mechanical and electrical products, which soared to 2.5 billion yuan during the first four months of 2023. This represents a substantial increase of 61.4 percent compared to the same period in the previous year. The province’s prowess in manufacturing and exporting these products highlights its ability to compete on the global stage and meet the growing demands of international markets.
Additionally, Gansu Province witnessed a surge in the import of nickel matte, which recorded a remarkable growth rate of 179.9 percent, reaching a value of 2.17 billion yuan. This substantial increase in imports of nickel matte suggests that Gansu’s industrial sectors are actively seeking raw materials to support their manufacturing processes and contribute to the province’s economic development.
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The positive trajectory of Gansu’s foreign trade underscores the province’s commitment to expanding its economic cooperation and integration with countries along the Belt and Road, as well as its active engagement with RCEP member nations. These partnerships provide Gansu with opportunities for market diversification and access to a wider range of goods and services.
The growth in foreign trade not only strengthens Gansu’s economic resilience but also enhances its status as a crucial hub for regional and international trade. By leveraging its geographical advantages and implementing effective trade policies, Gansu Province is successfully capitalizing on emerging opportunities and contributing to China’s broader economic growth.
As Gansu Province continues to foster a conducive business environment, it is poised to attract more investment and deepen its economic ties with partners worldwide. The sustained growth in foreign trade signifies the province’s potential to become an important player in global commerce and underscores China’s commitment to expanding its international trade networks for mutual benefit and shared prosperity.
Learn more about the Belt and Road Initiative and its impact.