Fujian's trade with BRICS countries in bulk commodity surges in H1
Fujian's trade with BRICS member countries was valued at 48.74 billion yuan ($7.27 billion) in the first half of this year, a yearly uptick of 2.7 percent, as per Xiamen Customs.
The province's robust demand for bulk commodities from these countries have become a prime driver behind its trade growth.
From January to June, it imported 5.13 billion yuan worth of soybeans from BRICS member countries, up by 9.1 percent while the number for iron ore, manganese ore, coal and crude oil stood at 3.99 billion yuan, 1.77 billion yuan, 1.4 billion yuan and 800 million yuan, representing increases of 44.8 percent, 71.8 percent, 77.5 percent and 29.2 percent respectively.
Affected by the ongoing Sino-US trade frictions, China's soybean imports from BRICS countries increased sharply, which effectively filled the gap left by US soybean exports to the country and expanded its source suppliers. As a result of that, Brazil has become Fujian's largest trading partner among BRICS countries.
Meanwhile, the province’s exports to BRICS countries were primarily labor-intensive products.
Over the period, Fujian exported 7.81 billion yuan of mechanical and electrical products to BRICS countries, down by 6.5 percent. The export of traditional labor-intensive products (textiles, clothing, furniture, suitcases and bags, shoes, plastic products and toys) was 6.65 billion yuan, down 8.7 percent.
The two combined accounted for 71 percent of its total exports to these countries over the period.
Fujian's trade with BRICS member countries is valued at 48.74 billion yuan in the first half of this year. [Photo/Xiamen Daily]