Xizang's trade increases of 201% in first four months

The Xizang autonomous region reported a total import and export value of 2.78 billion yuan ($384 million) in the first four months of 2024, a year-on-year increase of 201 percent, according to the customs office in Lhasa, the regional capital city.

Over the four months, exports reached 2.45 billion yuan, marking a 200 percent year-on-year increase. Meanwhile, imports were 328 million yuan, up 213 percent year-on-year, with a trade surplus of 2.12 billion yuan, according to customs.

During the first four months of this year, the region's foreign trade with countries participating in the Belt and Road Initiative reached 2 billion yuan, an increase of 126 percent.

Meanwhile, Xizang's imports and exports with ASEAN, the European Union and member countries of the Regional Comprehensive Economic Partnership (RCEP) surged to 77.1 percent, 1,254 percent and 172 percent, respectively, reaching 390 million yuan, 121 million yuan and 613 million yuan.

Private enterprises played a significant role in the region's foreign trade over the past four months, with the total import and export value reaching over 2.73 billion yuan — more than 98 percent of the region's total foreign trade.

Exports of labor-intensive products reached nearly 1.26 billion yuan, a 269 percent growth, while mechanical and electrical products reached 720 million yuan, an increase of 142 percent.