The Xizang autonomous region reported a staggering 201% year-on-year increase in its total import and export value during the first four months of 2024, reaching 2.78 billion yuan (approximately $384 million).
According to the customs office in Lhasa, the regional capital, exports alone reached 2.45 billion yuan, marking a 200% surge compared to the same period last year. Imports also saw a significant rise, reaching 328 million yuan, a 213% year-on-year increase. This impressive performance resulted in a trade surplus of 2.12 billion yuan for the region.
The region’s foreign trade with countries participating in the Belt and Road Initiative also experienced a remarkable boost, reaching 2 billion yuan, a 126% increase.
Furthermore, Xizang’s imports and exports with ASEAN, the European Union, and member countries of the Regional Comprehensive Economic Partnership (RCEP) have witnessed remarkable growth, surging by 77.1%, 1,254%, and 172%, respectively. These figures reached 390 million yuan, 121 million yuan, and 613 million yuan, respectively.
The driving force behind this remarkable growth was the strong performance of private enterprises, which accounted for over 98% of the region’s total foreign trade, reaching a value of more than 2.73 billion yuan.
Exports of labor-intensive products saw a remarkable 269% increase, reaching nearly 1.26 billion yuan, while mechanical and electrical products also experienced a 142% rise, reaching 720 million yuan.
This remarkable surge in Xizang’s foreign trade underscores the region’s growing economic prowess and its ability to capitalize on emerging opportunities in the global market. As the region continues to strengthen its economic ties with its international partners, the future looks bright for Xizang’s continued economic development and prosperity.
