Ningbo's trade with BRI countries hits 420b yuan Q1-Q3

Ningbo in East China's Zhejiang province has seen a significant increase in trade with countries participating in the Belt and Road Initiative (BRI) over the past decade.

According to Ningbo Customs statistics, in the first three quarters of this year alone, the city's imports and exports with BRI countries reached 421.34 billion yuan ($65.7 billion), a year-on-year increase of 5.4 percent, accounting for 44.1 percent of Ningbo's total foreign trade value during the same time frame.

From 2013 to 2022, Ningbo's combined imports and exports with BRI countries amounted to an impressive 3.35 trillion yuan, with an average annual growth rate of 9.5 percent. Over the past five years, the trade value between Ningbo and BRI countries has seen an average annual growth rate of 13.1 percent.

Ningbo Huayi Import & Export Co Ltd is a company that is benefiting from the uplifting trend. Recently, the company's workers diligently conducted the final inventory of a shipment of clothing, fabrics, and other goods destined for Vietnam. In the first nine months of this year, the company recorded a 28.6 percent year-on-year increase in exports to BRI countries, valued at over 1.3 billion yuan. 

Ren Yu, a customs manager at Huayi, commended the efficiency of Ningbo ports' customs clearance procedures and the favorable business environment, which have greatly facilitated their export operations. In fact, approximately 70 percent of the company's goods were exported through Ningbo ports so far this year.

In addition to Huayi's success, Ningbo's diverse range of goods, including household appliances and labor-intensive products, continue to have strong demand in BRI countries. At the same time, products like cherries from Chile, nuts from Indonesia, and honey from New Zealand are also gaining in popularity among consumers in Ningbo.