Ningbo's foreign trade volume hits 934.49b yuan in Jan-Aug

Ningbo's total imports and exports hit 934.49 billion yuan ($131.79 billion) in the first eight months of this year, marking a 10.9 percent increase compared to the corresponding period last year, according to data recently released by Ningbo Customs.

Breaking down the figures, exports amounted to 618.2 billion yuan, an 11.5 percent increase year-on-year, while imports expanded by 9.7 percent to 316.29 billion yuan.

Private enterprises continue to be the primary engine driving Ningbo's foreign trade growth. Between January and August, imports and exports by private enterprises hit 708.83 billion yuan, reflecting a 12.3 percent increase year-on-year and accounting for 75.9 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 trade with were, the European Union, the United States and the United Kingdom. Trade with the three economies was valued at 161.39 billion yuan, 160.8 billion yuan, and 24.26 billion yuan, respectively, representing increases of 10.4 percent, 15.3 percent, and 5.6 percent.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose by 9.3 percent to 407.47 billion yuan. Over the same period, Ningbo's trade volume with CEE nations reached 37.6 billion yuan, up 12 percent year-on-year.

Ningbo's advantageous products - mechanical and electrical products, recorded 35.31 billion yuan in export volume in the eight-month period, representing a 12.3 percent increase year-on-year.

Ningbo's imports of metal ores, unwrought copper, primary plastics, refined oil, natural gas and aluminum products amounted to 44.32 billion yuan, 24.81 billion yuan, 22.12 billion yuan, 15.58 billion yuan, 5.63 billion yuan, and 4.51 billion yuan, up by 28.9 percent, 4.1 percent, 8.4 percent, 29.9 percent, 24.9 percent and 35 percent, respectively.