Regional Development

RCEP contributes to growth in Guangxi's foreign trade

Updated: Nov 14, 2022 Print
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The growth rate of the overall import and export volume of Guangxi Zhuang autonomous region turned from a negative to a positive in October for the first time this year, with the volume increasing by 4.4 percent to 512.18 billion yuan ($72.75 billion).

Statistics provided by Nanning Customs on Nov 13 show that the Regional Comprehensive Economic Partnership agreement has brought new development opportunities for Guangxi's foreign trade as the trade volume between Guangxi and RCEP member countries has been climbing since April.

The region has focused on the development of its nine advantageous industries, including electronic information, automobiles, high-end metal new materials, as well as machinery and equipment manufacturing. The export volume of electronic components and auto parts from Guangxi to RCEP member countries in October increased by 386.2 percent and 109.7 percent year-on-year respectively.

The total import and export volume of Guangxi's border trade in the first 10 months of the year reached 71.72 billion yuan and the volume has maintained a month-on-month growth for seven consecutive months.

Products like thermal underwear, cotton clothing, quilts, and heating equipment have become a new growth point for Guangxi's exports as European countries have been increasing procurement of these products. The export volume of electric heating equipment from Guangxi to the European Union increased by 1,281.8 times to 14.89 million yuan in October.

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