Taizhou city's trade with BRI nations soars by 72.6%
updated on :0603, 2024

Trade with countries involved in Belt and Road Initiative conducted by Taizhou city – located in China's East Jiangsu province – soared to 34.35 billion yuan ($4.74 billion) in the first four months of the year, a whopping 72.6 percent increase on the same period last year.

That's according to Taizhou Customs, which reported that BRI trade accounted for 59.7 percent of the total value of Taizhou's imports and exports. Broken down, BRI exports amounted to 27.23 billion yuan, up 76.7 percent, while imports totaled 7.12 billion yuan, up 58.5 percent.

"Taizhou has deeply integrated into the industrial and supply chains of BRI countries," said Qiao Hualin, deputy director of Taizhou Customs.

"Our complementary resources lead to mutual benefits and win-win outcomes," Qiao added.

In particular, exports of mechanical and electrical products surged by 101.3 percent in the period to 22.13 billion yuan, making up 81.3 percent of Taizhou's exports to BRI countries. Significant growth was seen in exports of new ships and refrigerators, which increased by 182.4 percent and 32.9 percent, respectively.

Private enterprises were the main drivers of the growth. From January to April, private firms in Taizhou conducted trade worth 19.07 billion yuan with BRI countries, up 114.4 percent, accounting for 55.5 percent of the city's total trade with these nations.

At the production plant of Taizhou-based LG Electronics Refrigeration Co Ltd – the biggest refrigerator manufacturing facility run by LG Group globally – production is booming.

"Our exports to BRI countries reached 1.69 billion yuan from January to April, a 23.37 percent increase year-on-year," said Shan Yuhua, head of the supply management department of the company.

Taizhou Customs has implemented several support measures, such as tax reductions and efficiency improvements in cross-border logistics to enhance trade. Customers officers have also provided intellectual property protection guidance to help companies navigate legal risks in international markets.

This comprehensive support aims to sustain and grow Taizhou's trade with BRI countries.