Chongqing's foreign trade volume hits five-year high

Southwest China's Chongqing municipality achieved a total import-export volume of 64.22 billion yuan ($9.25 billion) in July – reaching a record-high for monthly imports and exports in the past five years.

During the first seven months of this year, Chongqing's total import and export volume was 340.13 billion yuan, a year-on-year increase of 8.5 percent. Of this, export volume totaled 212.93 billion yuan, while import volume reached 127.2 billion yuan.

According to Chongqing Customs, the municipality's increased import-export volume is the result of the growing processing trade and bonded logistics, which accounted for 50 percent and 20.9 percent, respectively, of Chongqing's foreign trade volume from January to July.

Foreign trade by private companies also saw rapid growth. In the first seven months of this year, Chongqing's private enterprises imported and exported 118.22 billion yuan, a year-on-year increase of 21.6 percent. In July alone, 1,546 private companies imported and exported 24.97 billion yuan, contributing 67.8 percent of Chongqing's total import and export growth rate.

Chongqing has also expanded its market reach in regions and countries involved with the Belt and Road Initiative (BRI). Statistics show that from January to July, Chongqing's import-export volume to ASEAN countries was 61.56 billion yuan, a year-on-year increase of 6.2 percent, while the foreign trade volume with the EU was 57.49 billion yuan.

During the same period, Chongqing's import and export volume to Taiwan and Hong Kong was 26.74 billion yuan and 16.26 billion yuan – a year-on-year increase of 45 percent and 1.3 times, respectively.

Meanwhile, Chongqing's import-export volume to countries and regions involved in the BRI totaled 94.37 billion yuan, a year-on-year increase of 10.5 percent.