Ningbo's foreign trade tops 1 trillion yuan Jan-Nov

Customs Officials examine products to be exported from Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo's imports and exports hit 1.09 trillion yuan ($167.7 billion) in the first 11 months of this year, up 22.2 percent year-on-year, according to official statistics from Ningbo Customs.

Specifically, its exports totaled 696.09 billion yuan, rising by 19.8 percent year-on-year, while its import volume amounted to 39.329 billion yuan, an uptick of 26.7 percent.

Private enterprises were still the main engine driving the city's foreign trade growth in the 11-month period.

From January to November, imports and exports of private enterprises from Ningbo expanded 20.6 percent year-on-year to 766.26 billion yuan, accounting for 70.3 percent of the city's total.                        

The city's top three trading partners during this period were the European Union, the United States, and ASEAN. Its trading volume with these economies was valued at 193.95 billion yuan, 191.39 billion yuan, and 113.56 billion yuan respectively, up 25.5 percent, 21.4 percent and 15.7 percent, and accounting for 45.8 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 20.3 percent to 299.02 billion yuan, making up 27.4 percent of its total trade.

Exports of mechanical and electrical products amounted to 401.59 billion yuan, up 25.9 percent and accounting for 57.7 percent of the city's total exports.

In November alone, Ningbo's foreign trade volume expanded by 20.4 percent year-on-year to 109.67 billion yuan.