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Ningbo foreign trade sees rapid recovery

Updated:2020-08-11 (chinadaily.com.cn)

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"From January to July, our exports increased 35.6 percent. In July they grew by 49.3 percent,” said Yang Fei of Konfoong Materials International Co Ltd (KFMI).

Confronted with the COVID-19 epidemic, enterprises in Ningbo have stepped up research and development efforts and seized upon international markets. They have also taken advantage of tariff reductions to reduce their production costs.

According to Ningbo Customs, from January to July 2020, Ningbo's total imports and exports were valued at 526.64 billion yuan ($75.23 billion), up 0.9 percent from the previous year. This is the first time that Ningbo has seen an increase in imports and exports since the beginning of the epidemic.

Private enterprises such as KFMI are the main force behind Ningbo's imports and exports. Mechanical and labour-intensive products are Ningbo's main exports, accounting for 53.7 percent of its total exports.

Foreign trade enterprises have been developing new orders with traditional trade partners, including the European Union (excluding the UK), the United States, and ASEAN. Imports and exports to and from countries and regions involved in the Belt and Road Initiative are valued at 146.3 billion yuan.