2018 Belt And Road Trade Reached $1.3 Trillion

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Trade volume between China and countries along the Belt and Road Initiative totaled US$ 1.3 trillion last year, China’s Ministry of Commerce (MOC) announced.

This was year-on-year growth of 16.3%, 3.7 percentage points higher than China’s trade growth in 2018. China exported goods worth US$ 705 billion to Belt and Road countries last year, up 10.9% year-on-year, while importing goods from them worth US$ 563 billion, up 23.9% year-on-year.

Local media reports state that Chinese firms invested over US$15 billion in non-financial sectors in Belt and Road countries last year, up 8.9% year-on-year, while receiving US$ 6 billion in investment from them, up 11.9%.

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Merchandise trade between China and Belt and Road countries is predicted to grow by US$ 117 billion this year, according to trade credit insurer Euler Hermes. The report estimates that this will add 0.3% to global trade and 0.1% to global growth.

The estimates on growth come as China continues to expand its Belt and Road initiatives. The nation recently advanced connectivity with a new trade corridor aimed at facilitating access to the sea from China’s western regions. The China-Singapore land-sea trade corridor links 155 ports in 71 countries and regions worldwide. It was jointly built by western Chinese provinces and ASEAN countries under the framework of the China-Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity.

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With Chongqing as the transportation hub, the corridor uses ports in Guangxi’s Beibu Gulf to reach ports in Singapore and other ASEAN countries and links China-Europe freight trains launched from many western Chinese cities before heading for Central Asia, South Asia and Europe.

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