Foreign trade between Guangxi, RCEP countries exceeds $18.9b

As of July, Guangxi's foreign trade imports and exports with other Regional Comprehensive Economic Partnership (RCEP) member countries amounted to 131.49 billion yuan ($18.94 billion).

Among them, Guangxi's imports and exports with Brunei, Myanmar, the Philippines, Cambodia, and Malaysia increased significantly, with year-on-year increases of 374.7 percent, 168.3 percent, 97.2 percent, 73.5 percent, as well as 30.6 percent respectively. Its trade growth with Japan, South Korea, and Australia was mainly concentrated in exports, increasing by 65 percent, 43.8 percent, as well as 22.4 percent respectively.

Guangxi's exports of electronic products to other RCEP countries have surged, with the export value of integrated circuits having soared 63-fold. The value of its integrated circuits exported to Vietnam has risen from seventh place at the end of 2021 to third place. Its export volume of flat panel display modules had an export value of $158 million, while its storage battery exports increased by 149 percent, boasting an export value of $134 million.

Nanning Qiaohong New Materials is a manufacturer of new absorbent cores, such as dust-free paper and double woven fabric. It is also the first applicant for the RCEP certificate of origin in Guangxi. "Under the guidance of various government departments, we have focused on the markets of other RCEP member countries, such as Japan and South Korea. Thanks to the RCEP policy, the company paid about $10,000 less in tariffs on the first batch of dust-free paper exported to Japan," said the person in charge of the company.

In the first half of this year, the company exported 185 tons of products, with the value of goods exceeding 5 million yuan, a year-on-year increase of nearly 34 times.

Qinzhou Port. [Photo/WeChat account: gh_df8bc987e060]