Baotou's foreign trade value surpasses 30b yuan in 2023

In 2023, Baotou in North China's Inner Mongolia autonomous region achieved a total foreign trade import and export value of 30.13 billion yuan ($4.21 billion), representing a growth of 24.5 percent over the same period last year.

Specifically, exports were valued at 12.35 billion yuan, an 8.8-percent increase over the previous year, while imports were valued at 17.78 billion yuan, up an impressive 38.5 percent. This marks the first time that Baotou's foreign trade value has surpassed 30 billion yuan.

Looking at exports, the main contributors were steel and vehicles along with their parts. As for imports, coal and iron ore, along with their concentrates, accounted for the largest share.

In terms of global trade markets, Baotou's import and export value with countries involved in the "Belt and Road" Initiative amounted to 18.26 billion yuan, constituting 60.6 percent of the total import and export value. Additionally, trade with member countries of the Regional Comprehensive Economic Partnership (RCEP) reached 11.29 billion yuan, representing 37.8 percent of the total import and export value.

Baotou's key trading partners are Mongolia, Australia, and South Korea. Trade with Mongolia amounted to 8.16 billion yuan, accounting for 27.1 percent of the total.