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Suzhou's trade with BRI countries soars

Suzhou Bureau of Commerce | Updated:2023-12-25 17:18

Taicang Port in Suzhou. [Photo provided to Suzhou Bureau of Commerce]

Suzhou recently achieved a significant milestone in its trade with countries participating in the Belt and Road Initiative, with total exports and imports surpassing 800 billion yuan ($111.98 billion) from January to November this year.

Wu Min, deputy director of Suzhou Customs, revealed that Suzhou's trade with BRI countries reached 809.23 billion yuan during this period, constituting 36.2 percent of the city's overall imports and exports.

In November alone, Suzhou's trade with BRI countries amounted to 86.75 billion yuan, reflecting an 18.4 percent year-on-year increase and contributing 6.6 percentage points to the city's overall foreign trade growth for the month.

As Suzhou strengthens its collaboration with BRI countries, the Association of Southeast Asian Nations have consistently ranked among its top three trading partners for the past four years.

In 2020 and 2022, ASEAN surpassed the European Union to become its second-largest trading partner, signaling a more diversified international market for Suzhou.

From January to November this year, Suzhou's total trade with ASEAN reached 354.07 billion yuan, a 2.7 percent year-on-year increase. The city also experienced substantial growth in trade with the five Central Asian countries, reaching 50.7 billion yuan, a 35 percent year-on-year increase.

Suzhou's cross-border e-commerce, facilitated by China-Europe freight trains, has also expanded significantly in 2023. As of the end of November, Suzhou's China-Europe freight trains had completed over 2,700 journeys, carrying a cumulative 13.7 billion US dollars’ worth of cargo.

From January to November this year, Suzhou operated 362 import and export trains, transporting 20.34 million tons of cargo in 20,345 standard containers.