There has been a rapid increase in the trade volume in China’s Fujian Province. The province has seen multiple development measures and trade increases as China has embarked on the BRI.
China’s BRI project or the Silk Road Economic Belt has had a tremendous impact on the Belt and Road countries since its launch in 2013. Multiple economic, trade, investment, and development opportunities have arisen as a result of the BRI project. It has significantly increased trade factors in Fujian even during the first half of this year.
The BRI is an economic trade project built along the path of the ancient Silk Road trading routes and networks that were famous throughout history. The BRI hopes to create a resurgence of trade and growth in the modern era and increase trade markets in Asia.
The Regional Comprehensive Economic Partnership will make more economic integrative policies and initiatives and increase trade in the ASEAN region.
The Partnership hopes to increase trade volumes and networks with major Asian economies like China, Japan, South Korea, and India. It hopes to increase trade with its two other trading partners, New Zealand and Australia.
Fujian trade volume grew by 13.6% and went up of 220.21 billion Yuan. Fujian mainly exports mechanical and electrical goods as well as textiles, furniture, bags, toys, and plastic goods. The trade in these goods faced an increase of 23.7%.
Fujian produced electrical and mechanical goods worth 46 billion Yuan and increased production by 26.8%. The Balance of trade of Fujian Province has been positively affected as a result of the BRI project and has increased the competition.
The increasing exports have been in favor of the balance of trade even if the Fujian province imported 10.4% more crude oil per year. The Province imported around 18.07 billion Yuan worth crude oil for transport and manufacturing operations. Fujian’s external trade with ASEAN markets also increased, reaching 117.6 billion yuan. It is currently up by 15% from the first half of this year.
This portion of Fujian’s trade is 53.5% of the Belt and Road countries’ trade. This means that the BRI project is having a positive impact on ASEAN markets, local Fujian trade, and the Chinese balance of trade.
Further growth and development will allow the region to prosper as a result of the massive trade route. Fujian will also be able to expand its trade potential.