Guangxi's foreign trade rebounds in first half of year

In the first half of 2020, Guangxi's foreign trade reached 218.03 billion yuan ($31.17 billion), a year-on-year decrease of 4.1 percent, and the rate of decline narrowed by 3.9 percent compared with the previous five months. In June, its imports and exports totaled 41.86 billion yuan, an increase of 16.9 percent and a month-on-month increase of 2.8 percent.

In the first half of the year, the decline in border trade narrowed, bonded logistics and processing trade demonstrated strong growth momentum of growth, while private enterprises, foreign-invested enterprises, and state-owned enterprises have maintained growth. In addition, the import and export value of Chongzuo, Nanning, and Fangchenggang Port maintained the top three positions. In that time, imports and exports with Vietnam improved, imports and exports with Hong Kong maintained growth, while the imports and exports of high-tech products increased significantly.

According to Diao Weihong, deputy director of the Guangxi Commerce Department, in the first half of the year, Guangxi has made efforts to help foreign enterprises, such as formulating specific support policies for stabilizing foreign trade, stabilizing the exports of key production enterprises, carrying out online negotiations, expanding imports of bulk commodities, as well as solving foreign trade financing risks.

In the future, the region will focus on the five aspects of imports and exports of key products and key enterprises, border trade policy integration, unblocking the international supply chain industry chain, opening platform construction, as well as business environment construction to further ensure the stable growth of foreign trade and improve trade facilitation.