Ningbo to build trade hub for imported pet food

In response to the growing pet industry in China, Ningbo in Zhejiang province is building a trade hub for imported pet food in the city's bonded zone.

Ningbo Yihuang International Trade Co Ltd has benefited from the preferential measures launched in the Ningbo Comprehensive Bonded Zone.

"We got the dealership of a foreign pet food brand last year. This year, due to a new import model launched in the zone, we started mass imports of the products. In the first half of this year, we imported some two million items," said Lin Xiao, head of the company.

With the new import model, companies can store their imports at the warehouse of the Ningbo Comprehensive Bonded Zone without paying tariffs. They can finish the whole customs clearance process after customers place orders for the products.

"We can suspend paying tariffs on imports until we sell them, which helps make our fund arrangements more flexible. In the first six months, our running costs were reduced by roughly 600,000 yuan ($82,244)," said Lin, "The area, which is located near the Ningbo Zhoushan Port, also has advanced logistics. It is easy to send and distribute goods."

The Ningbo Comprehensive Bonded Area is home to 11 pet food trade companies whose products are sold across the country. In the first seven months of 2023, the area's pet food imports were valued at 55.79 million yuan, up 17.5 percent year-on-year.