Ningbo's trade with Africa flourishes

Ningbo Zhoushan Port located in East China's Zhejiang province. [Photo/cnnb.com.cn]

The cargo ship Gas Capricorn1 recently navigated its way to the Daixie container terminal, part of Ningbo Zhoushan Port, carrying nearly 47,000 metric tons of liquefied propane sourced from Algeria. Following meticulous customs procedures, the shipment was destined for storage at the liquid bonded warehouse of Ningbo Baidinian Liquefied Petroleum Gas Co Ltd.

Zhang Xin, the customs manager of Baidinian, remarked, "Africa's rich oil and gas reserves are a significant asset. Our company has already received and stored over 70,000 tons of imported liquefied propane from Africa this year, valued at 300 million yuan ($42.2 million). We expect the import volume to remain strong in the coming months."

This scenario is a testament to the burgeoning trade relationship between Ningbo and Africa. Data from Ningbo Customs revealed that in the initial seven months of the year, the total import and export value between Ningbo and Africa surged to 41.03 billion yuan, marking a 23.3 percent rise compared to the corresponding period last year. Of this total, exports accounted for 25.25 billion yuan, reflecting a 6.4 percent increase year-on-year, while imports totaled 15.78 billion yuan, up by 65 percent.

Fueled by favorable domestic economic conditions such as a growing appetite for industrial output, African resources and raw materials have emerged as pivotal components in the import landscape. Imports of copper, metal ores, and sands stood at 8.52 billion yuan and 3.84 billion yuan, with respective year-on-year growth rates of 94.2 percent and 44.6 percent.

On the export front, an expanding array of Ningbo-made goods are resonating with consumers in Africa. Machinery and electronic products are especially sought after, with exports totaling 12.29 billion yuan, representing 48.7 percent of Ningbo's total exports to Africa during the period.

Meanwhile, traditional products, including clothing, bags, furniture, and electric passenger vehicles from Ningbo, are experiencing a resurgence in export volumes, buoyed by the expanding market and consumer demand in Africa.