Ningbo's foreign trade volume hits historical high in H1

Customs officials examine goods at a port in Ningbo, East China's Zhejiang province. [Photo/cnnb.com.cn]

Ningbo's total imports and exports reached 681.14 billion yuan ($93.74 billion) in the first half of this year, marking a 9.5 percent increase compared to the corresponding period last year, according to data recently released by Ningbo Customs.

Breaking down the figures, exports amounted to 445.31 billion yuan, a 9.9 percent increase year-on-year, while imports expanded by 8.6 percent to 235.83 billion yuan.

Private enterprises continue to be the primary engine driving Ningbo's foreign trade growth. Between January and June, imports and exports by private enterprises exceeded 510 billion yuan, reflecting an 11.2 percent increase year-on-year and accounting for 75.4 percent of the city's total imports and exports, underscoring the vital role of the private sector in Ningbo's trade landscape.

During this period, the city's top three trading partners were the United States, the European Union, and ASEAN. Trade with the three economies was valued at 117.5 billion yuan, 114.1 billion yuan, and 86.1billion yuan, respectively.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose by 7.2 percent to 295.6 billion yuan. Over the same period, Ningbo's trade volume with other RCEP member countries reached 173 billion yuan, up 9.9 percent year-on-year.

Concerning exports, Ningbo's advantageous products - mechanical and electrical products, recorded 254.1 billion yuan in export volume in the six-month period, representing a 9.8 percent increase year-on-year.

On the imports front, Ningbo's imports of metal ores, unwrought copper, primary plastics, refined oil, aluminum products, and natural gas amounted to 90.4 billion yuan, up by 24.7 percent year-on-year.