Hohhot sees trade and export growth boom

Foreign trade in Hohhot, capital of North China's Inner Mongolia autonomous region, reached new heights this year. The Hohhot Comprehensive Bonded Zone has exported 2,948 vehicles so far, contributing to an export value of 199 million yuan ($28 million).

Of these, 2,062 cars were exported to Mongolia, generating 70.97 million yuan. This expansion in secondhand car exports reflects Hohhot's robust growth in foreign trade.

According to Saihan customs, Hohhot's total foreign trade value surged from 3.77 billion yuan in 2004 to 19.33 billion yuan in 2023, a remarkable increase of over 400 percent. In the first three quarters of 2024 alone, foreign trade reached 16.73 billion yuan, a 31.7 percent year-on-year increase, setting a record high.

Closer ties between Inner Mongolia and Belt and Road countries and expanded China-Europe freight train routes have further supported the rise in trade. New markets, like Serbia, have opened up opportunities for businesses such as Qilu Pharmaceutical, which expects a 20 percent export growth due to tariff reductions from free trade agreements.

Meanwhile, Hohhot's dairy exports continue to shine. In the first three quarters of 2024, they increased 319.5 percent, reaching over 3,511 metric tons. With new markets in the Philippines, UAE, Saudi Arabia, and Thailand, Hohhot's high-value dairy products are making their mark globally, contributing to the city's economic growth.