Ningbo-Zhoushan Port, the largest port globally in cargo throughput [Photo/zj.zjol.com] 

Foreign trade in Ningbo, Zhejiang province was significantly backed up by the city's strong export credit insurance this year, local media reported. 

Statistics from the Ningbo Customs show that the city's foreign trade reached 788 billion yuan ($114 billion) from January to November, up 14.3 percent year-on-year and exceeding last year's total of 760 billion yuan. Imports and exports increased by 18.6 percent and 12.1 percent year-on-year respectively.

Insurance played a big role in the remarkable growth. China Export & Credit Insurance Corporation (CECIC) Ningbo Branch fully leveraged the role of export credit insurance in driving foreign trade and underwrote many high-risk businesses that normal commercial insurers refused to work with.

The export credit insurance coverage in Ningbo is expected to surpass 30 percent this year, 10 percent higher than the national average, according to Lu Dong, general manager of CECIC Ningbo, adding that they provided export credit insurance for 4,885 foreign trade companies this year, about 31 percent of the city's total.

The container yard at the Ningbo-Zhoushan Port [Photo/zj.zjol.com]