Ningbo's foreign trade hit 1.17t yuan Jan-Nov

Two Ningbo Customs officials inspect goods unloaded from a freight train. [Photo/WeChat account: nbfb0574]

Ningbo in East China's Zhejiang province continued to demonstrate steady growth in its foreign trade from January to November, with private enterprises playing a pivotal role.

According to recent data released by Ningbo Customs, the city's total imports and exports were valued at 1.17 trillion yuan ($163.97 billion) during the first 11 months of this year, marking a 0.8 percent increase compared to the same period last year and representing an uptick of 0.2 percentage points compared to the first 10 months.

Breaking down the figures, exports from Ningbo amounted to 764.5 billion yuan, up 1.2 percent year-on-year, while imports remained steady at 408.5 billion yuan, reflecting consistent performance.

In November alone, Ningbo's imports and exports surpassed 110 billion yuan, a 2.3 percent increase compared to the corresponding month in the previous year. The city's exports were valued at approximately 70 billion yuan, experiencing a slight decrease year-on-year. However, imports surged to over 42 billion yuan, marking a growth rate of 10.7 percent and reaching an all-time high for monthly imports.

One notable driving force behind Ningbo's foreign trade is the active involvement of private enterprises. Between January and November, private enterprises' imports and exports topped 880 billion yuan, up 4.8 percent year-on-year. Private enterprises accounted for 75.4 percent of the city's total imports and exports, underscoring their vital role in Ningbo's trade landscape.

Ningbo's trade relations with emerging markets saw robust performance. Trade between Ningbo and the Association of Southeast Asian Nations (ASEAN) exceeded 140 billion yuan during the first 11 months, an increase of 4.3 percent year-on-year. Additionally, the city's trade with Central and Eastern European countries (CEECs) surpassed 46 billion yuan, up 12.7 percent year-on-year.

The export of high-tech products from Ningbo also experienced significant growth, reflecting the city's dedication to technological advancement. In the first 11 months of this year, exports of high-tech products amounted to 60.4 billion yuan, up 9.1 percent year-on-year. Various high-tech sectors, including electronic technology, computer-related technology, material technology, and optoelectronic technology, all witnessed double-digit year-on-year growth in export value.

Furthermore, Ningbo's imports of specific bulk commodities saw substantial growth. The city imported metal ore and minerals worth nearly 52 billion yuan during the first 11 months of the year, representing a significant increase of 33.9 percent compared to the same period last year. Imports of iron ore and its concentrate rose by about 36 percent, while coal and lignite imports surged by approximately 44 percent. Steel imports also saw substantial growth, exceeding 130 percent.