Customs officials inspect goods at a port in Ningbo, East China's Zhejiang province. [Photo/cnnb.com.cn]

Ningbo's foreign trade volume reached a record high of 115.44 billion yuan ($15.87 billion) in August, according to the latest data from Ningbo Customs.

This represents a 7.3 percent increase compared to the same period last year and marks a significant turnaround from the decline in trade volume experienced in June and July.

Both exports and imports showed positive growth. Exports reached 76.94 billion yuan, an increase of 8.4 percent compared to last year, while imports reached 38.5 billion yuan, showing a growth rate of 5.1 percent.

The strong recovery in trade volume in August has helped reduce the overall decline in Ningbo's foreign trade to just 1.6 percent from January to August. During this period, exports amounted to 554.44 billion yuan, and imports amounted to 288.46 billion yuan, demonstrating the resilience of Ningbo's foreign trade despite the challenging external environment.

Private enterprises played a crucial role in driving the trade volume, accounting for 75 percent of the total trade volume in the first eight months of this year. Private enterprises contributed over 631.7 billion yuan to the total trade volume, with a year-on-year growth rate of 3 percent.

The European Union, the United States, and ASEAN remained as Ningbo's top three trading partners. From January to August, the city's trade volume with these three economies amounted to 146.1 billion yuan, 139.3 billion yuan, and 100.1 billion yuan, respectively.

During the same period, the city's trade volume with countries participating in the Belt and Road Initiative surpassed 372.2 billion yuan, accounting for 44.2 percent of the total trade volume. Notably, its trade volume with Central and Eastern European countries reached almost 33.6 billion yuan, showing a substantial increase of 13.6 percent.

In terms of specific products, electromechanical products accounted for over 50 percent of the total exports. Within this category, exports of household appliances and automobiles saw significant growth rates of 7.6 percent and 60 percent, respectively.

Meanwhile, imports of certain consumer goods also experienced notable growth. During the eight-month period, the city imported consumer goods worth over 28.8 billion yuan, with significant increases in passenger cars, drinking water products, edible oils, and alcoholic beverages.