Customs officials inspect storage tanks at a port in Ningbo, East China's Zhejiang province. [Photo/Ningbo Evening News]

Ningbo's imports and exports were valued at 962.51 billion yuan ($148.08 billion) in the first three quarters of this year, an uptick of 10.3 percent year-on-year and 0.4 percentage points higher than the national average, according to official statistics from Ningbo Customs.

Specifically, its exports hit 624.33 billion yuan, rising by 12 percent year-on-year, while the value of imports amounted to 338.18 billion yuan, an increase of 7.2 percent.

Though Ningbo's foreign trade volume fell slightly in September from a year ago, the city still posted positive growth in the third quarter thanks to its good performances in July and August.

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

Over the nine-month period, imports and exports of private enterprises from Ningbo expanded 12.4 percent year-on-year to 690.39 billion yuan, accounting for 71.7 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 177.4 billion yuan, 168.45 billion yuan, and 110.28 billion yuan respectively, up 15 percent, 10 percent and 19.2 percent, and making up 47.4 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 16.6 percent to 281.37 billion yuan, making up 29.2 percent of its total.

During the period, Ningbo's trade volume with the other RCEP member countries hit 245.04 billion yuan, rising 5.2 percent year-on-year.

Exports of mechanical and electrical products amounted to 348.59 billion yuan, up 8.8 percent and accounting for 55.8 percent of the city's total exports.

The city also exported 78.76 billion yuan worth of textiles and garments, and 44.43 billion yuan worth of high-tech products, up 9.9 percent and 9.7 percent respectively.

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

Despite the robust growth recorded in the first three quarters, experts noted there are still many challenges such as declining orders and foreign currency inflation that local foreign companies have to face in the fourth quarter.