The New International Land-Sea Trade Corridor (ILSTC) has seen a 14% increase in cargo volume in the first five months of 2023, according to the China Railway Nanning Group Co., Ltd.
The ILSTC is a trade and logistics passage jointly built by western Chinese provinces and ASEAN member states. It covers 17 provinces and 61 cities in China, and it has expanded its reach to 393 ports in 119 countries and regions.
The increase in cargo volume is being driven by the growth of China’s economy and the continued expansion of e-commerce. The ILSTC is a more efficient and cost-effective way to transport goods between China and ASEAN countries, and it is becoming increasingly popular with businesses.
In the first five months of 2023, more than 300,000 twenty-foot equivalent unit (TEU) containers were transported aboard the railway’s intermodal freight trains along the ILSTC. This is up from 260,000 TEU containers in the same period last year.
The materials and new energy industries are the main drivers of foreign trade along the ILSTC. In the first five months of 2023, a total of 40,000 tonnes of new energy raw materials such as nickel-sulfur, ferronickel and spodumene have been imported along the ILSTC via Qinzhou Port. This is up from 1,000 tonnes in the same period last year.
The ILSTC is a key part of China’s Belt and Road Initiative. It is helping to connect China with the rest of the world and promote trade and economic cooperation.