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Ningbo's foreign trade gets off to good start in 2022

chinadaily.com.cn| Updated:  March 15, 2022 L M S


A container ship docks at a port in Ningbo, East China's Zhejiang province. [Photo/cnnb.com.cn]

Ningbo's foreign trade has enjoyed a good start to the year despite the ongoing COVID-19 pandemic, according to official data.

The city's imports and exports were valued 205.33 billion yuan ($31.59 billion) in the first two months of this year, an increase of 19.6 percent year-on-year, according to official statistics from Ningbo Customs.

Specifically, its exports totaled 135.12 billion yuan, rising by 21.3 percent year-on-year, while its import volume amounted to70.21 billion yuan, an uptick of 16.5 percent.

Private enterprises were still the main engine driving the city's foreign trade growth in the two-month period.

From January to February, imports and exports of private enterprises from Ningbo expanded 20.8 percent year-on-year to 144.84 billion yuan, accounting for 70.5 percent of the city's total.                        

The city's top three trading partners during this period were the European Union, the United States, and ASEAN. Its trading volume with these economies was valued at 39.07 billion yuan, 36.02 billion yuan, and 21.07 billion yuan respectively, up 25.8 percent, 22.5 percent and 20.1 percent, and accounting for 46.8 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 22.4 percent to 56.1 billion yuan, making up 27.3 percent of its total trade.

Over the period, Ningbo's trade volume with the other RCEP member countries totaled 49.32 billion, accounting for 24 percent of the city's total.

Exports of mechanical and electrical products amounted to 78.01 billion yuan, up 21 percent and accounting for 57.7 percent of the city's total exports.

Its exports of refined oil and natural gas hit 2.4 billion yuan and 1.89 billion yuan respectively, up 192.2 percent and 174 percent.