Shanxi's trade with RCEP countries surges 12.5% in Q1

The total import and export value of North China's Shanxi province with member countries of the Regional Comprehensive Economic Partnership (RCEP) increased 12.5 percent year-on-year to 12.4 billion yuan ($1.8 billion) within the first quarter, according to Taiyuan Customs.

During the period, Shanxi's exports were 6.04 billion yuan, while its imports were 6.36 billion yuan, up 13.4 percent and 11.7 percent year-on-year, respectively. 

From January to March, Taiyuan Customs issued 357 certificates of origin for goods headed to RCEP countries. These goods were worth $18.14 million, a year-on-year increase of 17.05 percent. 

Taiyuan Customs has accepted three import declarations under RCEP, all of which were from Japan, with a commodity value of 22.66 million yuan. It effectively reduced import tariffs and import taxes for involved enterprises by 179,400 yuan.

Export enterprises that have been approved to issue declarations of origin by Taiyuan Customs issued four declarations of origin during this period, involving an amount of $83,700. 

Since the implementation of the RCEP, Taiyuan Customs has also reduced tariffs to zero for key commodities. 

Taiyuan Customs has continued to promote self-service printing and intelligent review of certificates of origin. The self-printing rate of certificates of origin for export enterprises in the province has increased from 74.23 percent in 2022 to 90.98 percent now. 

"The full implementation of RCEP will help expand trade and investment between China and member countries. Foreign trade enterprises can actively seize opportunities and increase their shares in the international market," said Chen Ran, an official of Taiyuan Customs.