A container ship berths at Ningbo Zhoushan Port, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Recent data released by Ningbo Customs revealed that the city's total imports and exports were valued at 1.28 trillion yuan ($177.86 billion) in 2023, reflecting a 0.9 percent increase compared to the previous year.

Breaking down the numbers, Ningbo's exports totaled 828.78 billion yuan, marking an uptick of 0.7 percent year-on-year, while imports rose by 1.1 percent to 449.15 billion yuan.

Private enterprises remained the primary driving force behind the city's foreign trade growth, with imports and exports of private enterprises from Ningbo expanding by 4.3 percent year-on-year to 963.28 billion yuan, accounting for 75.4 percent of the city's total trade.

During this period, the city's top three trading partners were the European Union, the United States, and ASEAN, with trade values of 214.58 billion yuan, 211.81 billion yuan, and 155.49 billion yuan, respectively.

Ningbo's trade volume with other RCEP member countries reached 332.74 billion yuan, representing a 1.9 percent year-on-year increase, while trade with Central and Eastern European Countries (CEEC) stood at 50.47 billion yuan, marking a 12 percent yearly increase. 

When considering specific commodities, exports of mechanical and electrical products from Ningbo grew by 26.2 percent to 470.58 billion yuan on an annual basis, constituting 56.8 percent of the city's total exports.

In 2023, imports of bulk commodity products surged by 26.2 percent to 83.75 billion yuan. Specifically, the import of iron ore and its concentrates amounted to 42.8 billion yuan, representing a 36.6 percent increase, while the import of coal and lignite climbed by 35.9 percent year-on-year to 16.14 billion yuan.