Shanxi sees foreign trade rise by 29.7% in Q1

In the first quarter of this year, the total import and export volume of goods in North China's Shanxi province reached 45.88 billion yuan ($6.34 billion), representing a year-on-year growth of 29.7 percent, ranking third in the country in terms of the growth rate.

Specifically, its exports amounted to 28.61 billion yuan, marking a 31.9-percent year-on-year increase, while its imports reached 17.27 billion yuan, showing a 26.2-percent year-on-year growth.

In the first quarter, the number of import and export enterprises in the province reached 1,295, up by 4.8 percent year-on-year.

The top four trading partners for Shanxi during this period were the United States, ASEAN, the European Union, and Japan, with year-on-year growth rates of 59.2 percent, 25.5 percent, 42.5 percent, 20.5 percent, and 38.8 percent, respectively. Main exports to the United States, the European Union, and Japan were mobile phones, while imports from ASEAN mainly comprised ferroalloys and coal, with mobile phones being the primary export.

During this period, the province’s trade with countries involved in the Belt and Road Initiative reached 20.98 billion yuan, a 33.4-percent year-on-year increase. Trade with RCEP member countries came in at 14.64 billion yuan, up by 18.7 percent year-on-year.

The main drivers of export growth were mobile phones and parts, rail transportation equipment, and coal. In terms of imports, various metal ores, integrated circuits, and coal were the main factors driving import growth.