Xizang's foreign trade hits $1.74 billion in 2024

According to the latest data from Lhasa Customs, the Xizang autonomous region witnessed outstanding foreign trade growth in 2024, with the total value of imports and exports reaching 12.67 billion yuan ($1.74 billion), up 15.4 percent year-on-year.

People's Daily reported that this growth helped Xizang's foreign trade surpass the 10 billion yuan milestone for the second consecutive year, highlighting its robust economic development and strategic advancements.

Lhasa Customs' comprehensive measures optimized the foreign trade business environment, leading to a 22.8 percent increase in registered foreign trade enterprises.

Several products saw accelerated export growth, especially those catering to South Asian markets, like new energy vehicles, lithium batteries and photovoltaic products, Lhasa Customs said.

The export of over 11,800 new energy vehicles generated a trade value of 1.54 billion yuan, reflecting a year-on-year increase of 126.79 percent.

Foreign trade has also promoted the development of Xizang's unique local industries. Traditional products such as barley wine, apples and matsutake mushrooms have found new international markets, with the variety of trade categories now exceeding 2,000 types.

For the first time, the export value of highland specialty products, including Xizang's renowned fine water, wool and cashmere, surpassed the 100 million yuan mark, demonstrating a year-on-year growth of over 20 percent.