Foreign trade in southwest China's Xizang Autonomous Region climbed to 12.67 billion yuan (about 1.77 billion U.S. dollars) in 2024, marking a 15.4 percent increase from the previous year, Lhasa Customs officials said Monday.

Exports rose 15.3 percent year on year to 11.32 billion yuan, while imports increased 16.9 percent to 1.35 billion yuan, according to the data.

Xizang has expanded its trade ties to 140 countries and regions. Nepal became its largest trading partner last year, with bilateral trade soaring 84.8 percent to 5.12 billion yuan.

Private enterprises played a dominant role, contributing 98.6 percent of the region's total foreign trade, it said.

Local officials attributed the trade growth to increased exports of specialty products, rising demand for new energy products, improved border trade, and enhanced customs clearance processes.

Exports of plateau specialty goods such as wool and cashmere surpassed 100 million yuan for the first time in 2024, up more than 20 percent year on year.

"Our company specializes in wool processing, with products mainly exported to Nepal, the United States and European countries where they are well received," said Lhapa Trinley, head of a local trading company. "This year, foreign trade orders have increased, and our customer base is expanding."

The renewable energy sector also emerged as a key driver, with demand for new energy vehicles (NEVs), lithium batteries, and solar products rising in South Asia. Xizang exported more than 11,800 NEVs worth 1.55 billion yuan in 2024, up 144.82 percent and 126.79 percent year on year respectively.

"China's NEVs, with their strengths in electrification and intelligence, are gaining popularity in Nepal," said Sun Yong, general manager of Xizang Xudatong Trade Co., Ltd.

As Xizang deepens its opening-up efforts, border trade is picking up. In 2024, 14 traditional border trade points resumed operations, with small-scale border trade reaching 3.53 billion yuan.

"The rapid growth of foreign trade would not be possible without policy support and trade facilitation," said Chungda, an official at Lhasa Customs. "We have continuously optimized the business environment at ports and improved customs clearance efficiency, and plan to introduce new clearance models to further enhance logistics and trade facilitation."

Xizang's gross domestic product expanded by 6.3 percent in 2024, and this year the region has set a growth target of over 7 percent, striving to reach 8 percent, according to its government work report.

The year 2025 marks the 60th founding anniversary of the Xizang Autonomous Region.