Trade value between Inner Mongolia, BRI countries hits 345b yuan

A large number of containers, loaded with goods, await processing at Ereenhot port in North China's Inner Mongolia autonomous region. [Photo/IC]

According to statistics released by Hohhot Customs, from 2013 to March 2019 the value of foreign trade between North China's Inner Mongolia autonomous region and countries involved in Belt and Road Initiative reached 345.1 billion yuan ($51.25 billion).

That represented an increase of 8.5 percent year-on-year, and accounted for 63.5 percent of the total value of the region's foreign trade.

Officials said that in order to promote trade between companies in the region and BRI countries, Hohhot Customs is actively establishing dedicated industrial clusters and promoting the export of agricultural products. At the same time, the customs office is continuing with clearance reforms, optimizing its services, and is moving to improve its clearance efficiency.

Over the past six years, the region has actively responded to the Belt and Road Initiative, cooperated with new trading partners, and rapidly expanded the foreign trade market.

As of the end of March, it has traded with 55 BRI countries, and officials said that its foreign trade with Iran, Turkey, and Southeast Asia, Vietnam, Thailand and other countries has experienced rapid growth.

During the past six years, products exported by the region to BRI countries have mainly consisted of agricultural products, steel products and electromechanical products. In addition, imported goods from BRI countries have mainly been resource-based commodities, coal, copper ore, sawn timber and other energy commodities.

Private enterprises have also been growing steadily. In the past six years, private companies have imported and exported 298.58 billion yuan worth of goods and services to BRI countries, an increase of 8.8 percent.