First eight months sees Inner Mongolia, Russia trade grow 7.9%

(chinadaily.com.cn)

Updated: 2014-10-13

Statistics from Manzhouli customs in North China’s Inner Mongolia autonomous region show that the region’s Russia-oriented import and export volume amounted to 11.78 billion yuan ($1.92 billion) from January to August this year, up 7.9 percent compared to the same period last year.

Imports from Russia to Inner Mongolia improved 0.7 percent in the first eight months to 9.93 billion yuan. Russia-oriented exports reached 1.85 billion yuan, an increase of 74.5 percent year-on-year. Now Russia accounts for 23 percent of the region’s total import and export volume. The country is also listed as the second largest trade partner of Inner Mongolia.

The city of Manzhouli pulled ahead of other leagues and cities in the region for its total volume of export and import between Russia. It has achieved import and export volume of 8.71 billion yuan from January to August with Russia, which for 73.9 percent of the region’s total trade volume with Russia during the same period.

Manzhouli customs assessed that the region is on the threshold of significant opportunity for its trade with Russia. Making good use of governmental cooperation mechanisms and advantageous geographical location, the region should focus on cooperation around strategic projects and strengthen policy guidance so as to explore a wider overseas market.

Edited by Michael Thai