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Ningbo's foreign trade up 13.3% Jan-July

chinadaily.com.cn| Updated:  August 11, 2022 L M S


Customs officials are seen at a port in Ningbo, East China's Zhejiang province. [Photo/Ningbo Evening News]

Ningbo's imports and exports hit 750.29 billion yuan ($115.43 billion) in the first seven months of this year, an uptick of 13.3 percent year-on-year, according to official statistics from Ningbo Customs.

Specifically, its exports hit 488.64 billion yuan, rising 16.1 percent year-on-year, while the value of imports amounted to 261.65 billion yuan, an increase of 8.5 percent.

The city has posted a significant recovery in foreign trade since May when its foreign trade registered a year-on-year increase of 7.4 percent before growing 13.2 percent and 21.4 percent in June and July respectively.

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

From January to July, imports and exports of private enterprises from Ningbo expanded 14.7 percent year-on-year to 534.49 billion yuan, accounting for 71.2 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 137.91 billion yuan, 135.49 billion yuan, and 84.88 billion yuan respectively, up 18.1 percent, 18.9 percent and 20 percent, and accounting for 47.8 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 18.5 percent to 216.31 billion yuan, making up 28.8 percent of its total.

Over the period, Ningbo's trade volume with the other RCEP member countries hit 189.56 billion yuan, rising 5.5 percent year-on-year.

Exports of mechanical and electrical products amounted to 272.44 billion yuan, up 13.1 percent and accounting for 55.8 percent of the city's total exports.

The city also exported 61.38 billion yuan worth of textile and garment, and 34.82 billion yuan worth of high-tech products, up 14.8 percent and 13.2 percent respectively.

Its main imports during the seven-month period were organic chemicals, copper, agricultural products and refined oil.