Shanxi ranks nationally 3rd in foreign trade growth over Jan-Feb

In the first two months of this year, Shanxi province's total import and export trade value reached 30.21 billion yuan ($4.2 billion), ranking third in the country in terms of growth rate.

Its exports amounted to 18.4 billion yuan, up 24.4 percent year-on-year, while its imports reached 11.81 billion yuan, marking a 30.8-percent increase.

The growth in exports was mainly driven by mobile phones and components, rail transportation equipment, and coal. In particular, the province's export of rail transportation equipment in January and February reached 380 million yuan, a 128.7-percent increase when compared to the same period last year. Imports were primarily boosted by a rise in integrated circuits, various metal ores, and coal.

In terms of trade entities, foreign-invested enterprises contributed 12.18 billion yuan to the province's total import and export value during the first two months. This represented a 31-percent year-on-year increase. 

The number of foreign trade enterprises involved in the import and export sector reached 1,145 last year, with a net increase of 72 companies.

Looking at trade partners, the top trading markets for Shanxi during this period included the United States, ASEAN member countries, the European Union, and Japan, with year-on-year growth rates of 45.8 percent, 34.5 percent, 26.3 percent, and 5 percent, respectively.

During the same period, trade with countries participating in the Belt and Road Initiative reached 13.6 billion yuan, up 36.2 percent year-on-year. This accounted for 45 percent of the province's total foreign trade value. Trade with RCEP member countries reached 9.58 billion yuan, showing a 22.9-percent increase.