Xizang has lively first half in foreign trade

The Xizang autonomous region reported total imports and exports of 3.8 billion yuan ($529 million) in the first half of 2024, marking a substantial 132 percent increase, according to the customs office in Lhasa.

Xizang has taken the national lead in the growth of import and export value. The data reveal flourishing trade, with exports totaling 3.2 billion yuan and imports reaching 591 million yuan, respective increases of 122 percent and 202 percent.

The surge in trade figures can be attributed to the ongoing efforts of Lhasa Customs to enhance the business environment, advancing smart customs infrastructure and implementing the "Smart Customs, Strong Nation" initiative.

During the first half of this year, Nepal retained its position as Xizang's primary trading partner and largest export market, with bilateral trade valued at 1.79 billion yuan. That reflected a growth rate of 120.3 percent in total trade with Nepal. Furthermore, the region's trade network has diversified, with an increase of 36 trading partners compared with the previous year.

The trade structure in Xizang predominantly revolves around labor-intensive and electromechanical products. The region saw significant exports of labor-intensive goods, including clothing, shoes and boots valued at 1.62 billion yuan. This was up by 140 percent. Alongside electromechanical products worth 999 million yuan — up by 119 percent — that collectively constituted 82 percent of the region's total export value.

In addition, the thriving trade environment in Xizang is largely driven by private enterprise, which accounts for more than 90 percent of the foreign trade activity. Notably, the capital city, Lhasa, stands out with an import-export value of 2.59 billion yuan — more than 68 percent of the region's total foreign trade value.