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Thursday, June 1, 2023

Anhui’s Exports Soar 15.5% YoY to $17.2 Billion in Q1 2023

BusinessAnhui's Exports Soar 15.5% YoY to $17.2 Billion in Q1 2023

According to a press briefing on Thursday, Anhui province in East China recorded a foreign trade of 177.26 billion yuan ($25.7 billion) in the first quarter of 2023, representing a 1.9% increase year-on-year. The province’s exports surged 15.5% year-on-year to 118.32 billion yuan during the same period. Fang Xu, the director of the provincial commerce department, reported that Anhui’s actual use of foreign investment rose 42.2% year-on-year to $610 million, driven by the high-tech and manufacturing industries, which saw growth that was respectively 2.3 times and 1 time higher than the levels seen in the first quarter of 2022.

The Belt and Road initiative played a significant role in boosting Anhui’s trade with countries along the route, which grew 29.6% year-on-year to 57.85 billion yuan in the first quarter. The Association of Southeast Asian Nations (ASEAN) was also a significant trade partner, with the volume of trade between the province and the region reaching 21.92 billion yuan, an increase of 14.9% year-on-year. The robust growth in Anhui’s foreign trade can be attributed to the province’s continuous efforts in promoting high-quality development, optimizing the trade structure, and expanding cooperation with its trading partners.

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