Manzhouli border zone's trade with Mongolia surges in H1
In the first half of this year, the border trade zone in Manzhouli has seen thriving trade with Mongolia.
Known as the "Window to East Asia," Manzhouli is located in North China's Inner Mongolia autonomous region, and borders Mongolia in the west and Russia in the north.
Statistics from Manzhouli customs show that in the first six months, trade between the Manzhouli border trade zone and Mongolia was valued at 1.06 billion yuan ($159.03 million), a year-on-year increase of 150.7 percent.
Exports totaled 60 million yuan, a 13.5-fold year-on-year increase, while imports came in at 1 billion yuan, representing an increase of 139.6 percent year-on-year.
Manzhouli's exports to Mongolia were reportedly dominated by agricultural products, steel, ceramic products, and mechanical and electrical products, which together accounted for 99.1 percent of the total export value.
Imports were mainly crude oil and metal ore, which together accounted for 99.4 percent of the total value of imports from Mongolia.
In the first half of the year, the growth rate of the Manzhouli border trade zone's imports and exports to Mongolia increased sharply, and the monthly import and export trade value basically stabilized at more than 100 million yuan.
The main reason for this is that since Jan 1, 2021, China and Mongolia have been implementing tariff reductions under the First Agreement on Trade Negotiations among Developing Member Countries of the Economic and Social Commission for Asia and the Pacific, with an average tax cut of 24.2 percent.
This has helped expand the opening of markets in China and Mongolia and deepen bilateral trade cooperation.