In a remarkable testament to its burgeoning economic prowess, Xinjiang Uygur Autonomous Region in Northwest China has unveiled an impressive surge in overseas trade. Urumqi Customs reported on Thursday that the value of foreign trade in Xinjiang during the first seven months of 2023 experienced a remarkable year-on-year growth of 59.3%.
The recent report highlights that the total import and export volume for Xinjiang between January and July soared to 183 billion yuan, a robust expansion attributed in large part to the implementation of favorable trade policies.
An even more telling revelation lies in Xinjiang’s burgeoning collaboration with Belt and Road Initiative (BRI) countries, a framework of economic partnerships that seeks to strengthen global connectivity. The trade between Xinjiang and these BRI nations during the initial seven months of the year surged by an impressive 61.4%, amounting to 169 billion yuan.
At the heart of Xinjiang’s trade success is its capacity to export high-value products, a feat underscored by its prowess in electric vehicles and solar cells. The data unveiled in the report illustrates an extraordinary growth trajectory for these sectors, with electric vehicle exports surging by an astounding 3.26 times and solar cell exports witnessing a remarkable growth of 36.9 times during the first seven months of the current year.
This economic prowess echoes Xinjiang’s potential to carve a distinct niche in the global trade landscape. As the region capitalizes on its strengths in high-value exports, it not only bolsters its own economic growth but also deepens its integration within the framework of international trade. The robust expansion of overseas trade, driven by innovative sectors like electric vehicles and renewable energy, signals Xinjiang’s evolving role as a key player in the global economic ecosystem.