In a remarkable display of economic vitality, southwest China's Xizang Autonomous Region reported a 132.4% year-on-year surge in foreign trade during the first half of 2024, local authorities announced on Monday.
The region's total import and export value exceeded 3.8 billion yuan (approximately $522.7 million) within this period, achieving the highest growth rate nationwide, as per data from Lhasa Customs.
Breaking down the numbers, Xizang's exports soared by 122.9% year-on-year, reaching over 3.2 billion yuan. Imports also saw a significant increase, climbing to 591 million yuan, up 202% compared to the same timeframe last year.
This impressive growth is further highlighted by the expansion of foreign trade partnerships, with Xizang welcoming 36 new trade partners over the year. The region's primary foreign trade commodities remain labor-intensive products alongside mechanical and electrical goods.
Private enterprises have been the backbone of this growth, accounting for over 90% of foreign trade businesses in Xizang. These private entities contributed approximately 3.72 billion yuan in imports and exports, marking a 133.7% increase year-on-year.
The robust foreign trade performance underscores Xizang's increasing integration into global markets and highlights the pivotal role of private businesses in driving economic expansion within the region.
Reference(s):
cgtn.com
