Ningbo achieves record high foreign trade growth Jan-Feb

Customs officials examine parcels at a warehouse, located in Ningbo, East China's Zhejiang province. [Photo/WeChat account: nbfb0574]

Ningbo has demonstrated record-high growth in its foreign trade during the first two months of this year, with private enterprises playing a pivotal role in fueling the upswing.

Recent data released by Ningbo Customs shows that the city's total imports and exports were valued at 127.83 billion yuan ($17.78 billion) during this period, marking a 16.3 percent increase compared to the corresponding period last year.

Breaking down the figures, exports amounted to 140.77 billion yuan, up 17.4 percent year-on-year, while imports expanded by 14.4 percent to 77.06 billion yuan. Both the scale of exports and imports reached historical highs.

Ningbo secured the fifth position nationwide in terms of total foreign trade volume, with the city's growth rate ranking as the third fastest among cities in the country.

Private enterprises continue to be the fundamental engine driving Ningbo's foreign trade growth. Between January and February, imports and exports by private enterprises totaled 161 billion yuan. The number reflects an uptick of 17.4 percent year-on-year and accounts for 73.9 percent of the city's total imports and exports, underscoring the vital role of private enterprises in Ningbo's trade landscape.

During this period, the city's top three trading partners were the European Union, the United States, and ASEAN. Its trade with these economies was valued at 36.86 billion yuan, 35.96 billion yuan, and 26.56 billion yuan, respectively, marking increases of 9.2 percent, 19.5 percent, and 23.4 percent. Australia and Brazil secured the fourth and fifth positions, driven by closer trade links.

Additionally, the city's trade with countries involved in the Belt and Road Initiative rose 16.2 percent to 96.14 billion yuan. Over the same period, Ningbo's trade volume with other RCEP member countries reached 54.27 billion yuan, up 12.3 percent year-on-year, while trade with Central and Eastern European countries (CEECs) amounted to 8.86 billion yuan, an increase of 12.5 percent year-on-year.

Regarding exports, Ningbo's advantageous products - mechanical and electrical products and labor-intensive products – both experienced significant growth. Exports of these two categories of goods amounted to 81.25 billion yuan and 33.43 billion yuan, respectively, marking increases of 17.5 percent and 24.4 percent.

On the imports front, Ningbo's imports of specific bulk commodities saw substantial growth. The city imported metal ore and minerals worth 10.95 billion yuan, representing a significant increase of 67.9 percent compared to the same period last year. Imports of iron ore and its concentrate rose by more than three-fold, while natural gas imports surged by 40.3 percent. High-tech product imports also saw strong growth, increasing by 42.5 percent.