Ningbo's foreign trade volume tops 800b yuan in Jan-July

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

Ningbo's total imports and exports hit 806.85 billion yuan ($112.48 billion) in the first seven months of this year, marking a 10.5 percent increase compared to the corresponding period last year, according to data recently released by Ningbo Customs.

Breaking down the figures, exports amounted to 528.01 billion yuan, a 10.6 percent increase year-on-year, while imports expanded by 11.6 percent to 278.84 billion yuan.

Private enterprises continue to be the primary engine driving Ningbo's foreign trade growth. Between January and July, imports and exports by private enterprises exceeded 700 billion yuan, reflecting a 12.3 percent increase year-on-year and accounting for 75.6 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 138.04 billion yuan, 137.31 billion yuan, and 102.97 billion yuan, respectively, representing increases of 14.8 percent, 7.7 percent, and 20.3 percent.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose by 9.6 percent to 351.29 billion yuan. Over the same period, Ningbo's trade volume with other RCEP member countries reached 205.85 billion yuan, up 11.8 percent year-on-year.

Ningbo's advantageous products - mechanical and electrical products, recorded 301.73 billion yuan in export volume in the seven-month period, representing an 11.1 percent increase year-on-year.

Ningbo's imports of metal ores, unwrought copper, primary plastics, refined oil, aluminum products, and natural gas amounted to 105.23 billion yuan, up 25.5 percent year-on-year.