Mongolia and Russia: Largest trading partners with Inner Mongolia

The total import and export volume of Inner Mongolia autonomous region reached 94 billion yuan ($14 billion) in 2017, an increase of 22.8 percent year-on-year, according to the regional Department of Commerce. The figure hit a new record through reversing two years of decline. With the competitive advantages of bordering the region, Mongolia and Russia were revealed as the region’s two largest trading partners.

The statistics showed that the year’s export volume was 33.5 billion yuan and import volume was 60.8 billion yuan, year-on-year increases of 15.8 and 27.8 percent. The top five cities for import and export volume were Hulunbuir, Manzhouli, Bayannuur, Baotou and Hohhot.

Resource commodities were the region’s major imports. Crude oil imports were valued at 3.2 billion yuan, a large increase year-on-year; and imported coal was valued at 14.4 billion yuan, an increase of 30 percent . The major exports were mechanical and electrical products, steel and high-tech products with export volume of 6.1 billion yuan, 5.3 billion yuan and 3.8 billion yuan, year-on-year increases of 75.5 percent, 45.8 percent and 52.8 percent.

As its two largest trading partners, Mongolia and Russia maintained close trade cooperation with the region. Import and export volumes of the region to Mongolia and Russia were 26.5 billion yuan and 20.6 billion yuan, up by 42.5 percent and 12.4 percent.

In addition, 8,289 foreign trade firms were registered in the region in 2017, a year-on-year increase of nearly 20 percent.

All these achievements should be credited to China’s Belt and Road Initiative and the construction of the China-Mongolia-Russia Economic Corridor.

A Mongolian truck driver goes through exit formalities at Ereenhot Highway Port in Ereenhot, Inner Mongolia autonomous region, Nov 9, 2018. [Photo by Zou Yu/Xinhua]

Workers load logs at Manzhouli Railway Port in Manzhouli, Jan 13, 2019. [Photo by Cai Yang/Xinhua]