Guizhou sees trade increase with RCEP members

According to Guiyang Customs, Guizhou province's trade volume with Regional Comprehensive Economic Partnership (RCEP) members during the first three quarters of this year was worth 12.17 billion yuan ($1.9 billion), a year-on-year increase of 16.6 percent.

During the same period, Guizhou's imports and exports were worth 46.53 billion yuan, an increase of 22.6 percent year-on-year. The trade volume with countries involved in the Belt and Road Initiative was 11.1 billion yuan, increasing 15.4 percent year-on-year.

In recent years, Guizhou's trade with RCEP members has been growing, making the bloc Guizhou's second largest trade partner, as well as the largest destination for direct investment.

As the global economy recovers, the market demand for Guizhou's featured products, such as chemical fertilizer, tires, tea and guitars, has been increasing. During the first three quarters of this year, Guizhou exported 1.01 billion yuan of tea and 1.09 billion yuan of tires – increases of 103.8 percent and 12.7 percent year-on-year, respectively.

Data reveals that most of Guizhou's featured products are exported to RCEP members. RCEP was initiated by ASEAN in 2012 and has 15 member countries. It was signed on Nov 15, 2020, and will take effect on Jan 1, 2022.