Huzhou registers fastest growth in foreign trade in Zhejiang Jan-July
Huzhou's imports and exports were valued at 86.63 billion yuan ($13.33 billion) from January to July, up 4.2 percent year-on-year, according to Huzhou Customs.
The growth rate was the highest in East China's Zhejiang province over this period.
Specifically, the city's exports increased 44 percent to 79.22 billion yuan, with the growth rate also being the highest in Zhejiang.
Huzhou had seen positive growth in its exports for 16 consecutive months since April of last year.
Meanwhile, its imports amounted to 7.41 billion yuan in the first seven months of this year, rising by 16.6 percent year-on-year.
The sustained growth in exports from Huzhou bucked the global trend of export decline caused by the COVID-19 pandemic, said an official from Huzhou Customs.
The official attributed the city's success to rebounding production demand and strong vitality among market entities.
The city's top three trade partners during the period were the European Union (excluding the UK), the United States, and ASEAN. From January to July, trade between Huzhou and the three aforementioned economies was valued at 25.24 billion yuan, 16.98 billion yuan, as well as 10.34 billion yuan respectively, up 80.8 percent, 20.7 percent, and 41.8 percent respectively.
In addition, the city's trade with countries involved in the Belt and Road Initiative rose 37.8 percent to 25.24 billion yuan.
Exports of labor-intensive products, mechanical and electrical products, as well as high-tech products registered increases of 33.1 percent, 47.5 percent, and 183.7 percent respectively.
Private enterprises still made up the lion's share of the city's foreign trade volume over the seven-month period.
The imports and exports of private enterprises totaled 68.51 billion yuan, with their exports accounting for 80 percent of the city's total.
Some new trade models have emerged as new growth engines fueling local foreign trade growth.
Exports valued at 6.12 billion yuan were achieved over the seven-month period under the market procurement trade model in Zhili town, Huzhou.
Local customs authorities forecasted that the city's foreign trade growth may slow down in the second half of the year due to negative factors like declining orders and rising shipping costs, but that generally it will maintain relatively high growth throughout this year.