Ningbo Zhoushan Port. [Photo/WeChat account:nbfb5074]

Ningbo's total imports and exports hit 1.18 trillion yuan ($163.08 billion) in the first 10 months of this year, marking a 10.8 percent increase compared to the corresponding period last year.

This growth has solidified the city's position as the fifth largest city nationwide in terms of foreign trade volume, according to recent data released by Ningbo Customs.

Breaking down the figures, exports amounted to 781.41 billion yuan, a 12.5 percent increase year-on-year, while imports expanded by 7.7 percent to 394.26 billion yuan.

Private enterprises continue to be the primary engine driving Ningbo's foreign trade growth. Between January and October, imports and exports by private enterprises hit 895.8 billion yuan, reflecting a 12 percent increase year-on-year and accounting for 76.2 percent of the city's total imports and exports.

During this period, the city's top three trading partners were the European Union, the United States, and the ASEAN. Trade with these three economies was valued at 201.47 billion yuan, 200.92 billion yuan, and 152.84 billion yuan, respectively, representing increases of 11.7 percent, 13.4 percent, and 20.9 percent.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose by 10 percent to 517.22 billion yuan. Over the same period, Ningbo's trade volume with CEE nations reached 47.64 billion yuan, up 14 percent year-on-year.

Ningbo's advantageous products - mechanical and electrical products, recorded 446.8 billion yuan in export volume in the 10-month period, representing a 13.5 percent increase year-on-year.

Ningbo's imports of metal ores, unwrought copper, primary plastics, refined oil, natural gas, and aluminum products amounted to 52.76 billion yuan, 31.3 billion yuan, 28.54 billion yuan, 18.71 billion yuan, 6.75 billion yuan, and 5.75 billion yuan, up by 13.8 percent, 4.8 percent, 7.6 percent, 18.7 percent, 29.7 percent, and 24.5 percent, respectively.