Fujian reaps trade benefits from RCEP

Updated: Jul 20, 2023 Print
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An aerial view of Xiamen Port. [Photo/WeChat account: xiamen_swj]

Fujian province's trade with countries involved in the Regional Comprehensive Economic Partnership (RCEP) has seen significant growth since the pact took effect in January 2022.

As of June this year, trade between the province and these countries had exceeded 1 trillion yuan ($138.6 billion). This figure encompasses exports worth 572.58 billion yuan and imports valued at 431.47 billion yuan.

Mechanical and electrical goods, and labor-intensive products constitute the primary commodities Fujian exports to other RCEP nations. During this period, these categories saw exports reaching 197.9 billion yuan and 161.31 billion yuan respectively, comprising 62.7 percent of Fujian's total export value to RCEP countries.

Trade of labor-intensive goods such as clothing and footwear rose considerably as well, with their certified value increasing by 58.26 percent year-on-year.

Between January 2022 and June 2023, trade between private enterprises in Fujian province and RCEP members totaled 578.99 billion yuan, accounting for 57.7 percent of the province's total.

During the same period, Xiamen Customs issued 28,000 RCEP certificates of origin with a certified value of 12.1 billion yuan. Thanks to these certificates, businesses were able to take advantage of tariff concessions worth over 1.2 billion yuan in their respective import countries.

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