Ningbo's foreign trade tops 500b yuan Jan-May
A container vessel docks at Ningbo Zhoushan Port in East China's Zhejiang province. [Photo/WeChat account: nbfb0574]
Ningbo's imports and exports hit 514.37 billion yuan ($79.13 billion) in the first fIve months of this year, rising 11.5 percent year-on-year, according to official statistics from Ningbo Customs.
Specifically, its exports totaled 333.24 billion yuan, an increase of 14.9 percent year-on-year, while its import volume amounted to 181.13 billion yuan, an increase of 5.7 percent.
Private enterprises were again the main engine behind the city's foreign trade growth over the five-month period.
From January to May, imports and exports of private enterprises from Ningbo expanded 12.7 percent year-on-year to 364.56 billion yuan, accounting for 70.9 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 trade with these economies was valued at 95.01 billion yuan, 93.23 billion yuan, and 58.95 billion yuan respectively, up 18.9 percent, 21.4 percent and 17.3 percent, and accounting for 48.1 percent of the city's total.
In addition, the city's trade with countries involved in the Belt and Road Initiative rose 16.1 percent to 148.41 billion yuan, making up 28.9 percent of its total.
Over the period, Ningbo's trade volume with the other RCEP member countries hit 131.13 billion yuan, edging up 0.8 percent year-on-year.
Exports of mechanical and electrical products amounted to 188.02 billion yuan, up 13.4 percent and accounting for 56.4 percent of the city's total exports.
Ningbo also exported 39.94 billion yuan worth of textiles and garments and 24.54 billion yuan worth of high-tech products during the period, up 11.1 percent and 11.2 percent respectively.
Meanwhile, imports of bulk commodity products grew significantly in the first five months. Refined oil products, coals and lignites as well as natural gas imported by the city saw a year-on-year uptick of 236.4 percent, 71.9 percent and 63.8 percent respectively.