Northwest China’s Xinjiang Uygur Autonomous Region recorded a significant 30.9% growth in foreign trade in the first eight months of 2024, as reported by Urumqi Customs on Thursday.
The total import and export volume for the January-August period reached 285.32 billion yuan (approximately 40.55 billion U.S. dollars), showing robust economic momentum.
Li Qinghua, Deputy Head of Urumqi Customs, attributed this remarkable growth to the establishment of comprehensive bonded zones, which have enhanced logistics efficiency and facilitated the expansion into international markets.
Xinjiang’s trade with countries involved in the Belt and Road Initiative (BRI) experienced a 28% year-on-year increase, contributing to 92.5% of the region’s total foreign trade value. Kazakhstan and Kyrgyzstan emerged as Xinjiang’s top trading partners during this period.
Private enterprises in the region also demonstrated strong performance, with their trade value rising by 29.6% year-on-year, accounting for a major portion of Xinjiang’s total trade.
Additionally, Xinjiang saw increased exports of high value-added products, including electric passenger vehicles and lithium-ion batteries.
Strategically located at the heart of the Eurasian continent, Xinjiang serves as a vital transportation hub in the core region of the Silk Road Economic Belt, playing a key role in the BRI since its introduction by China in 2013.
