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BRI now Inner Mongolia's biggest foreign trading partner

2021-11-26 (chinadaily.com.cn)

Countries involved in the Belt and Road Initiative, or the BRI, have now reportedly become the main driver of foreign trade in North China's Inner Mongolia autonomous region.

From 2014 to October 2021, Inner Mongolia's foreign trade with them came in at 478.64 billion yuan ($71.81 billion), accounting for 63.1 percent of total foreign trade during the period.

Analysis has shown that private enterprises took the lead in conducting foreign trade with the countries.

Over an eight-year period, the import and export volume of private enterprises came in at 412.49 billion yuan, accounting for 86.2 percent of the total foreign trade of Inner Mongolia.

Inner Mongolia's exports to BRI countries are mainly agricultural products, steel products and mechanical and electrical products.

As of October this year, those sectors accounted for 55 percent of the export value to all BRI countries during the period.

Agricultural products are mainly exported to countries in the Middle East and steel products have a broad market in Southeast Asia due to the advantages of high quality and low prices.

Inner Mongolia's imports from BRI countries are mainly coal, copper ore, wood and related products, with imports of 86.69 billion yuan, 76.74 billion yuan, and 76.4 billion yuan, respectively.

During the previous eight years, Inner Mongolia reportedly committed itself to actively exploring new trading partners and its foreign trade continued to expand.

Reports are that as of the end of October this year, Inner Mongolia was trading with 64 countries involved in the BRI.