A view of Canton Tower in Guangzhou, Guangdong province. (PHOTO / VCG)

Trade with Belt and Road partner countries is making a big contribution to the overall external trade of South China’s Guangdong province, as the initiative brings more economic benefits to businesses and people involved in the Belt and Road Initiative, which launched in 2013.

Imports and exports between Guangdong province and countries involved in the initiative expanded 56.3 percent over the past 10 years, from 1.92 trillion yuan ($262 billion) in 2013 to 3.01 trillion yuan in 2022, according to the Guangdong Sub-Administration of the General Administration of Customs.

In the first eight months of this year, the value of trade grew by 3.9 percent on a yearly basis to 1.96 trillion yuan, accounting for 37.1 percent of the total imports and exports in Guangdong province

In the first eight months of this year, the value of trade grew by 3.9 percent on a yearly basis to 1.96 trillion yuan, accounting for 37.1 percent of the total imports and exports in Guangdong province.

Bilateral trade between Guangdong and the Association of Southeast Asian Nations has seen fast growth, with imports and exports increasing 113 percent from 2013 to 2022. Russia and the Middle East posted 115.6 percent and 42.5 percent growth, respectively, over the 10-year period.

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The 134th session of the China Import and Export Fair, also known as the Canton Fair, which kicked off in Guangzhou on Sunday provides an insight into how the BRI has boosted international economic and trade cooperation.

According to the organizers, the proportion of buyers from the BRI partner countries participating in the Canton Fair has increased from 50.4 percent to 58.1 percent during the past decade, and the import exhibition for the fair has attracted over 2,800 enterprises from 70 BRI partner countries, accounting for over 60 percent of the total.

The mega trade event, which ends on Nov 4, is expected to attract 80,000 buyers from BRI partner countries this year.

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Shenzhen-based home appliance maker Skyworth Group said it is focusing on overseas market expansion on Belt and Road countries. The company’s revenue grew 33 percent year-on-year in the first nine months, during which overseas markets were a driving force.

Overseas markets that saw the biggest growth in white goods exports in the first half of the year were Europe, Russia, the Middle East and Asia-Pacific, said Wu Qinan, general manager of Skyworth Electric, the electrics unit of the group. Liang Funan, foreign trade manager of a Guangzhou-based tech firm specializing in virtual reality, said the company saw huge demand from the Southeast Asian market for its products at the end of 2021 and it is now focusing its overseas business on the Southeast Asia and Russia.

Contact the writer at sally@chinadailyhk.com