Zhejiang tops eastern coastal provinces in export growth

MSC Irina, the world's largest container vessel, docks at Ningbo Zhoushan Port in Zhejiang province on April 2. [Photo/China Daily]

Zhejiang province's foreign trade surged in the first 10 months of 2024, with a total import-export value of 4.37 trillion yuan ($603.44 billion), up 7.1 percent year-on-year, according to Hangzhou Customs.

Exports rose 9 percent to 3.25 trillion yuan, while imports grew 1.8 percent to 1.12 trillion yuan, maintaining Zhejiang's national rankings: third in total trade, second in exports, and fifth in imports. Zhejiang's export growth was 2.3 percentage points above the national average, leading all eastern coastal provinces.

Private businesses were key drivers, with 106,000 private enterprises participating in foreign trade, up 8.3 percent from last year and accounting for 80.8 percent of Zhejiang's total trade value. Foreign-invested enterprises saw trade rise by 6.5 percent to 551.25 billion yuan.

According to the customs statistics, Zhejiang's trade with the United States and Latin America grew by 13.6 percent and 13.8 percent, reaching 614.83 billion yuan and 480.08 billion yuan, respectively.