RCEP does wonders to Gansu's trade figures

The Regional Comprehensive Economic Partnership agreement that came into force this year has helped expand trade cooperation between Gansu province and the RCEP member states.

Gansu's trade with RCEP member states hit 6.42 billion yuan (about $1 billion) in the first six months this year, up 40 percent year-on-year, according to a statement released by Lanzhou Customs on Friday.

Meanwhile the province's import and export volume with countries involved in the Belt and Road Initiative reached 15.4 billion yuan between January and June, up 25.2 percent year-on-year and representing 47.3 percent of Gansu's total foreign trade volume, the statement said.

Gansu's good foreign trade performance with RCEP members and BRI nations have helped the northwestern province achieve a year-on-year foreign trade growth of 24.6 percent to hit 32.58 billion yuan in the six months ending June.

The province's foreign trade growth rate ranked eighth in the country this year, helping promote Gansu's overall economic development, said the statement.

Gansu sold 6.16 billion yuan worth of products abroad while purchasing goods valued at 26.42 billion yuan in the first half of the year, up 49.4 percent and 20 percent year-on-year respectively.

The province's export value of mechanical and electrical products came to 2.89 billion yuan, a year-on-year increase of 24.9 percent, while its export of agricultural products grew even faster, at a year-on-year increase of 38.8 percent, to reach 1.2 billion yuan in the first two quarters.

Meanwhile, Gansu's import of metal, ore sand and new nickel and cobalt materials increased significantly this year. The import of new nickel and cobalt materials registered a year-on-year growth of 165.9 percent to reach 3.71 billion yuan in the first six months. The import value of metal and ore sands reached 15.04 billion yuan from January to June, a year-on-year increase of 21.5 percent.