Ningbo's foreign trade exceeds 600b yuan in H1
Containers stockpiled at Ningbo Zhoushan Port in East China's Zhejiang province. [Photo/WeChat account: nbfb0574]
Ningbo's imports and exports were valued at 632.25 billion yuan ($97.73 billion) in the first half of this year, an uptick of 11.9 percent year-on-year, according to official statistics from Ningbo Customs.
Specifically, the value of exports totaled 408.5 billion yuan, rising 14.1 percent year-on-year, while its imports amounted to 223.75 billion yuan, an increase of 8.1 percent.
Private enterprises were still the main engine driving the city's foreign trade growth over the six-month period.
From January to June, imports and exports of private enterprises from Ningbo expanded 12.9 percent year-on-year to 448.17 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 116.22 billion yuan, 113.15 billion yuan, and 72.21 billion yuan respectively, up 17.3 percent, 18 percent and 19.8 percent, and accounting for 47.7 percent of the city's total.
In addition, the city's trade with countries involved in the Belt and Road Initiative rose 16.5 percent to 181.49 billion yuan, making up 28.7 percent of its total.
Over the period, Ningbo's trade volume with the other RCEP member countries hit 160.98 billion yuan, up 3.7 percent year-on-year.
Exports of mechanical and electrical products accounted for 56 percent of the city's total. Its exports of textile and garment and high-tech products were valued at 50.29 billion yuan and 29.5 billion yuan, up 12.4 percent and 11.2 percent respectively.
Imports of refined oil and natural gas increased significantly in the first six months of this year. Specifically, the city imported 9.66 billion yuan of refined oil and 3.35 billion yuan of natural gas, a yearly uptick of 234 percent and 75.1 percent respectively.
In addition, imports and exports handled by Ningbo ports over the six-month period registered a year-on-year increase of 37 percent to 1.3 trillion yuan.