Shanxi's trade with ASEAN surges in Q1

Shanxi province, located in North China, has witnessed a surge in its imports and exports of goods with ASEAN member countries in the first quarter of 2023. According to official statistics, the value of trade between the province and the ASEAN countries amounted to 6.54 billion yuan ($946.07 million), representing a year-on-year increase of 67.1 percent.

The trade value accounted for 18.5 percent of the province's total foreign trade value from January to March, showing an increase of 9.9 percentage points over the same period last year. These figures suggest that the trade between Shanxi and the ASEAN countries is expanding at a remarkable pace. 

Indonesia emerged as the province's top trading partner among the 10 ASEAN member countries, with imports and exports reaching 3.29 billion yuan, accounting for 50.3 percent of the province's total trade value with all ASEAN member countries. 

The trade value with Singapore ranked second, with imports and exports reaching 1.35 billion yuan, accounting for 20.7 percent of the total. 

In terms of exports, Shanxi's exports to ASEAN in the first quarter amounted to 2.71 billion yuan, up 34.9 percent. Among the exports, the mechanical and electrical products stood out, which increased by 50.2 percent year-on-year, reaching 1.9 billion yuan.

Regarding imports, the province's imports from ASEAN totaled 3.83 billion yuan, a year-on-year increase of 101.2 percent.  

Among the main imported commodities, ferroalloys showed a significant increase. The province imported 115,000 metric tons of ferroalloys from ASEAN, an increase of 14.4 times, and the value was 1.89 billion yuan, an increase of 10.2 times year-on-year. 

The booming trade between Shanxi and the ASEAN countries has provided a strong impetus for the development of the province's foreign trade. The province is expected to continue expanding its trade cooperation with ASEAN countries and promoting economic and trade exchanges in various fields.