Xizang sees increase of import and exports of 21.67%

The Xizang autonomous region reported a total import and export value of 2.17 billion yuan ($300 million) in the first quarter of 2024, a year-on-year increase of 21.67 percent, which is the highest growth rate in China, according to the customs office in Lhasa, the regional capital city.

Over the three months, exports reached 1.95 billion yuan, marking a 217 percent year-on-year increase. Meanwhile, imports were 227 million yuan, reflecting a 213 percent year-on-year increase, according to customs.

Imports and exports with countries involved in the Belt and Road Initiative made up 1.51 billion yuan of the total, indicating a 130 percent increase.

During the same period, the region had trade relations with 107 countries and regions, 58 more than the same period previously. Foreign trade with countries including India, the United States, Malaysia, and major economies such as ASEAN, the European Union, and the Arab League has maintained growth.

In the same period, Nepal remained the region's largest trading partner and export market, with trade volume hitting more than 866 million yuan, up by 192 percent.