Ningbo's foreign trade hits 1.16t yuan Jan-Nov

Containers stockpiled at a port in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574] 

Ningbo's imports and exports were valued at 1.16 trillion yuan ($165.7 billion) in the first 11 months of this year, an uptick of 7 percent year-on-year, according to official statistics from Ningbo Customs.

Specifically, its exports hit 755.93 billion yuan, rising by 8.6 percent year-on-year, while the value of imports amounted to 409.07 billion yuan, an increase of 4.2 percent.

It reported year-on-year positive growth in foreign trade volume in November, following shrinking for two consecutive months. In November alone, Ningbo's imports and exports hit 110.48 billion yuan, up 1.2 percent year-on-year.

Private enterprises were still the main engine fueling the city's foreign trade growth from January to December.

Over the 11-month period, imports and exports of private enterprises from Ningbo expanded 10.3 percent year-on-year to 844.17 billion yuan, accounting for 72.5 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 211.53 billion yuan, 199.85 billion yuan, and 136.38 billion yuan respectively, up 9.1 percent, 4.4 percent and 20 percent, and making up 47 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 17.2 percent to 350.53 billion yuan, making up 30.1 percent of its total.

During the period, Ningbo's trade volume with the other RCEP member countries hit 301.32 billion yuan, rising 5.2 percent year-on-year.

Exports of mechanical and electrical products amounted to 423.56 billion yuan, up 5.5 percent and accounting for 56 percent of the city's total exports.

The city also exported 94.15 billion yuan worth of textiles and garments, and 55.6 billion yuan worth of high-tech products, up 6.3 percent and 10.4 percent respectively.

Its main imports during the 11-month period were organic chemicals, copper, agricultural products and refined oil.