Guangxi's foreign trade rebounds in past 7 months

In the first seven months of 2020, Guangxi's foreign trade reached 260.32 billion yuan ($8.68 billion), a decrease of 1.6 percent over the same period last year, and the rate of decline narrowed 2.5 percent from the first half of the year. Among them, exports were 142.74 billion yuan, a decrease of 4.3 percent, and imports were 117.58 billion yuan, an increase of 1.8 percent.

In the first seven months, the import and export volume of small-scale border trade amounted to 60.08 billion yuan, an increase of 1.1 percent, the processing trade value amounted to 53.41 billion yuan, an increase of 26.5 percent, and the import and export of bonded logistics amounted to 51.38 billion yuan, an increase of 43.3 percent.

The import and export of private enterprises, foreign-invested enterprises, and state-owned enterprises were 170.63 billion yuan, 46.26 billion yuan, and 29.92 billion yuan respectively, an increase of 0.5 percent, 7.6 percent, and 4.1 percent.

In this period, Guangxi's imports and exports to countries along the Belt and Road were 136.42 billion yuan, down 3.4 percent, accounting for 52.4 percent of the total foreign trade. Imports and exports to ASEAN were 125.12 billion yuan, down 2.7 percent, of which the trade volume to Vietnam were 93.01 billion yuan, up 0.4 percent. In addition, imports and exports to Hong Kong were 36.68 billion yuan, an increase of 29 percent, and that to Brazil were 11.46 billion yuan, an increase of 4.2 percent.

Guangxi's exports of mechanical and electrical products, as well as high-tech products increased, of which 28.43 billion yuan in computer and communication technology, an increase of 18.8 percent. Exports of labor-intensive products and agricultural products declined. The growth of imported products was mainly from mechanical and electrical products, high-tech products, copper ore and iron ore, as well as agricultural products.