Xinjiang aims to reverse slump in deals

By Xinhua – Global Times Source:Xinhua – Global Times Published: 2016-1-27 21:23:01

Northwest China's Xinjiang Uyghur Autonomous Region saw sharp declines in trade with Russia and countries in Central Asia in 2015 as a result of weakening currencies, slowing growth and slumping demand, according to data released by the local customs office.

The Chinese region's foreign trade totaled the equivalent of $19.7 billion in 2015, down 28.9 percent year-on-year. Exports shrank 25.4 percent to $17.5 billion while imports plunged 48.2 percent to $2.2 billion.

Exports of electromechanical products, textiles and shoes dropped by 11.4 percent, 45.2 percent and 27.9 percent respectively, according to the data from Xinjiang Customs.

The Xinjiang government has rolled out new policies since last year to encourage overseas investment, expand trade cooperation and reduce transportation costs.

The declines recorded in 2015 were partly due to slower growth among Central Asia's emerging markets, which experienced difficulties with lower energy prices, acute structural imbalances and capital outflows, said Duan Xiufang, an economist with the Xinjiang University of Finance and Economics.

A weak economy in neighboring Kyrgyzstan has resulted in a substantial depreciation of its currency and sluggish demand there.



Posted in: Economy

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