Ningbo achieves record-high foreign trade growth in Q1

chinadaily.com.cn| Updated:  April 18, 2024 L M S


Customs officials examine goods at a container terminal, located in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo has shown record-high growth in its foreign trade during the first quarter of this year, with private enterprises playing a pivotal role in bolstering the upswing.

Recent data released by Ningbo Customs shows that the city's total imports and exports were valued at 321.89 billion yuan ($44.46 billion) during this period, which is fifth highest among cities nationwide and marks an 8.6 percent increase compared to the corresponding period last year.

Breaking down the figures, exports amounted to 203.3 billion yuan, up 6.3 percent year-on-year, while imports expanded by 12.9 percent to 118.59 billion yuan. Both the scale of exports and imports reached historical highs.

Private enterprises continue to be the fundamental engine driving Ningbo's foreign trade growth. Between January and March, imports and exports by private enterprises totaled 237.7 billion yuan. The number reflects an uptick of 9.4 percent year-on-year and accounts for 73.8 percent of the city's total imports and exports, underscoring the vital role of private enterprises in Ningbo's trade landscape.

During this period, the city's top three trading partners were the European Union, the United States, and ASEAN. Its trade with the US and ASEAN was valued at 53.72 billion yuan, and 39.53 billion yuan, respectively, marking increases of 15.4 percent and 11.6 percent, while the number with the EU stood at 52.91 billion yuan, edging down by 0.2 percent.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose 7 percent to 140.31 billion yuan. Over the same period, Ningbo's trade volume with other RCEP member countries reached 82.46 billion yuan, up 7.9 percent year-on-year.

Regarding exports, Ningbo's advantageous products - labor-intensive products, home appliances and general machinery – all experienced significant growth. Exports of these three categories of goods amounted to 46.92 billion yuan, 14.74 billion yuan and 8.51 billion yuan, respectively, marking increases of 9.9 percent, 13.9 percent and 22.1 percent.

On the imports front, Ningbo's imports of metal ores, unwrought copper, refined oil, primary plastics, and natural gas, hit 20.43 billion yuan, 9.27 billion yuan, 8.16 billion yuan, 8 billion yuan, and 1.81 billion yuan, respectively.