Beijing's foreign trade grows 19.3% in Jan-Oct

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Beijing's total import and export value surged 19.3% year on year to reach 2.96 trillion yuan (US$ 410 billion) in the first 10 months of this year, local customs authority said Thursday. The growth rate is 9.8 percentage points higher than the national average. 

The city's imports totaled 2.5 trillion yuan in the period, marking a 26.6% increase from the previous year.

Data shows that in October, Beijing's imports and exports increased 25.2% year on year to 307.66 billion yuan, surpassing the 300-billion-yuan mark for the fourth consecutive month.

The city's trade structure continued to improve with general trade taking up a larger share. From January to October, general trade grew by 20.4% year on year to 2.59 trillion yuan, accounting for 87.4% of the total trade, 0.8 percentage points higher than a year ago.

Trade ties with countries along the Belt and Road continued to strengthen. In the first 10 months, the trade volume between Beijing and countries along the Belt and Road totaled 1.3 trillion yuan, up 29.5% year on year and accounting for 44% of all foreign trade.

The leading contributor to Beijing's import growth was energy products, with its import volume reaching 1.35 trillion yuan in the first 10 months, up 49.5% year on year and accounting for 54.3% of all imports.

The city's export is transitioning to high value-added products, according to the Beijing Customs. In particular, exports of integrated circuits rose 35.8% to 21.42 billion yuan.

New-energy products have become new engines driving the city's export growth, with export volumes of solar cells, lithium-ion batteries, and electric passenger vehicles reaching 3.6 billion yuan (up 1,820%), 940 million yuan (up 310%), and 920 million yuan (up 710%), respectively.

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