Guangxi, RCEP countries import-export volume reaches $8.6b

From January to April this year, the import and export volume between Guangxi Zhuang autonomous region and Regional Comprehensive Economic Partnership (RCEP) member countries was 57.58 billion yuan ($8.64 billion), accounting for 40.6 percent of the region's import and export volume.c

Among them, Guangxi's imports to Japan and South Korea increased by 66.9 percent and 55.5 percent respectively. RCEP member countries set up 21 foreign-funded enterprises in Guangxi, with a contractual foreign investment of $53.53 million and actual utilization of $19.79 million, a year-on-year increase of 102.77 percent.

In the first quarter of this year, Pingxiang Railway Port supervised 202,000 metric tons of imported and exported goods, a year-on-year increase of 95.8 percent. The total value of imported and exported goods that passed through Pingxiang Railway Port was 6.32 billion yuan, a year-on-year increase of 240.7 percent, of which fruit imports totaled 120 million yuan.

Guangxi Global Shopping E-Commerce is a cross-border e-commerce enterprise mainly engaged in the ASEAN market that has online stores in Malaysia and Thailand. In March, the RCEP was implemented in Malaysia, leading the company's orders and turnover to increase significantly.

After the RCEP came into effect, more than 90 percent of the trade in goods among the approved member countries enjoyed zero tariffs. The reduction of tariffs has improved the market competitiveness of domestic cross-border e-commerce export products. As a result, Guangxi Global Shopping E-Commerce has begun to plan to build overseas warehouses in some RCEP member countries.