Ningbo's foreign trade hits historic high in early 2025

Chuanshan Port Area of Ningbo-Zhoushan Port. [Photo/Tide News]

Ningbo's foreign trade achieved a record-breaking 596.83 billion yuan ($83.1 billion) from January to May, a 6.4 percent increase over the same period last year. Exports grew 12.2 percent to 405.61 billion yuan, while imports declined 4 percent to 191.22 billion yuan.

Despite global challenges, Ningbo enterprises continue to innovate, focusing on product upgrades and market expansion.

Ningbo NGP Machinery Co Ltd saw a 10 percent export growth from January to May, reaching $19.25 million, by shifting from traditional gasoline lawn mowers to a broad lineup of battery-powered garden tools. Additionally, its tea harvesting machines have gained traction in Turkiye and Sri Lanka.

Ningbo's trade with the European Union and ASEAN reached 105.25 billion yuan and 85.59 billion yuan, up 12.2 percent and 18.5 percent respectively. Trade with countries involved in the Belt and Road Initiative rose 13.3 percent to 298.47 billion yuan. Trade with Africa grew 23.9 percent to 35.44 billion yuan, while trade with Central and Eastern Europe rose 14.3 percent to 25.3 billion yuan.

Private enterprises remain the backbone of Ningbo's trade, with mechanical and electrical products leading exports. Between January and May, electromechanical exports reached 237.32 billion yuan, up 15.1 percent, now accounting for 58.5 percent of total exports.

Panel Electric Co Ltd, which specialized in smart heating devices, saw its exports grow 5 percent to $8 million, leveraging smart home connectivity.