Ningbo's foreign trade volume tops 560b yuan Jan-May

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

Ningbo's total imports and exports reached 560.95 billion yuan ($77.35 billion) in the first five months of this year, marking a 9.2 percent increase compared to the corresponding period last year, according to data recently released by Ningbo Customs.

Breaking down the figures, exports amounted to 361.67 billion yuan, an 8.2 percent increase year-on-year, while imports expanded by 11.1 percent to 199.28 billion yuan.

Private enterprises continue to be the primary engine driving Ningbo's foreign trade growth. Between January and May, imports and exports by private enterprises exceeded 420 billion yuan, reflecting a 10.6 percent increase year-on-year and accounting for 75 percent of the city's total imports and exports, underscoring the vital role of the private sector in Ningbo's trade landscape.

During this period, the city's top five trading partners were the United States, the European Union, ASEAN, Australia, and Japan. Trade with these five economies was valued at 95 billion yuan, 93.7 billion yuan, 72 billion yuan, 29.7 billion yuan, and 23.7 billion yuan, respectively, representing increases of 14.5 percent, 3.5 percent, 19 percent, 18 percent, and 2 percent.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose by 8 percent to 245.3 billion yuan. Over the same period, Ningbo's trade volume with other RCEP member countries reached 144.3 billion yuan, up 11 percent year-on-year.

Concerning exports, Ningbo's advantageous products - mechanical and electrical products, recorded over 206 billion yuan in export volume in the five-month period, representing a 7.6 percent increase year-on-year.

On the imports front, Ningbo's imports of metal ores, unwrought copper, primary plastics, refined oil, aluminum products, and natural gas registered respective growth rates of 59 percent, 12 percent, 8 percent, 53 percent, 67 percent, and 7 percent.