Shanxi sees strong Jan-July foreign trade

Shanxi's import-export volume has been recorded at 76.22 billion yuan ($11.16 billion) from January to July of 2018, an increase of 23.5 percent year on year, 14.9 percentage points higher than the national average growth rate and ranking seventh in the country, according to Taiyuan Customs.

July saw the highest foreign trade volume recorded during any month for the past 10 years with the value reaching 13.29 billion yuan, representing year-on-year growth of 44.8 percent.

Individually, imports from January to July rose to 42.64 billion yuan, up 15 percent year on year, and exports to 33.58 billion yuan, up 36.5 percent.

Processing trade still dominated the province’s foreign trade, with its volume reaching 51.5 billion yuan, up 21.2 percent year on year and accounting for 67.6 percent of the total.

As for trade with different countries and regions, Shanxi saw both imports and exports increase with the BRICS countries, ASEAN countries, countries along the Belt and Road, although exports to European Union countries and South Korea fell.

Foreign firms were responsible for half of the total volume of foreign trade, while the volume of imports and exports generated by State-owned enterprises and private businesses maintained steady growth.

Exports of steel products and cellphone as well as imports of mechanical and electrical products, high-tech goods and minerals all increased.

Between January and July, Shanxi exported 12.09 million cellphones worth 22.78 billion yuan, 803,000 tons of steel products worth 8.7 billion yuan, accounting for 73.8 percent of the province's total exports. Imports of mechanical and electrical products and high-tech goods to be used in the life sciences industry grew 30.5 percent and 34.6 percent respectively.