According to the Foreign Trade and Economic Bureau of the Liaoning Province-based northern Chinese city of Benxi, influenced by the massive export increases of local steelmakers Benxi Iron and Steel and Beitai Iron and Steel, the export volume of Benxi city has posted a recovery. In the first quarter of this year, the city's exports reached a value of $439 million, 4.8 times higher than for the same period of last year.
Influenced by the financial crisis, Benxi city's export volume in the first half of last year registered a massive decrease. To eliminate the negative influence of the crisis, Benxi Foreign Trade and Economic Bureau made greater efforts to support export enterprises and adjust product structures, following which exports from the city started to increase. The two steelmakers in question took their opportunity when international inventory decreased and demand increased. They adjusted their product mix, providing more high-technology products for the exploration of new markets, while their export shares in their traditional markets remained stable. In Q1, Benxi Iron and Steel's exports increased by six times, while Beitai Iron and Steel's exports increased by nine times - both on year-on-year basis.