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Ningxia sees foreign trade jump 67% to over $2bn

By Hu Dongmei in Yinchuan and Zhou Huiying | | Updated: 2022-09-16 20:36
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The first China-Europe freight train from Yinchuan, Ningxia Hui autonomous region, departs for Budapest, Hungary. [Photo provided to]

In the first eight months of this year, the total foreign trade volume of Ningxia Hui autonomous region reached 17.41 billion yuan ($2.48 billion), a year-on-year increase of 66.8 percent, with the growth rate ranking first in the country, according to the local customs authority.

The total export value was 13.92 billion yuan, up 76.1 percent year-on-year, and the total import value was 3.48 billion yuan, up 37.7 percent year-on-year.

During the period, the general trade accounted for over 70 percent and the bonded logistics trade saw rapid growth, the customs said.

The region's import and export through general trade reached 12.31 billion yuan, up 28.9 percent, accounting for 70.7 percent of its total foreign trade value.

Imports and exports through bonded logistics reached 4.93 billion yuan, up 843.3 percent.

Private enterprises have become the main force of its foreign trade.

From January to August, the import and export volume of private enterprises in Ningxia reached 12.23 billion yuan, up by 72.7 percent, accounting for 70.3 percent of its total foreign trade value.

The cities of Yinchuan, Shizuishan, Zhongwei, Wuzhong, and Guyuan took the top five spots in foreign trade value across the region, with the volume of 10.21 billion yuan, 4.16 billion yuan, 2.44 billion yuan, 530 million yuan and 80 million yuan, respectively.

The export value of its main export commodities - mechanical and electrical products, basic organic chemicals, and labor-intensive products - was 2.9 billion yuan, 2.41 million yuan and 1.25 billion yuan, respectively, with respective year-on-year increases of 115.5 percent, 61.9 percent and 129.2 percent.

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