Ningbo's economy maintains steady growth in Jan-Oct

A factory in Ningbo, Zhejiang province. [Photo/cnnb.com.cn]

Ningbo's economy showed resilience in the first 10 months of 2025.

Industrial production remained strong, with value-added output above designated size rising 5.3 percent year-on-year. The added value of industries including petroleum processing, instruments, and computer communications led growth, up 20.2 percent, 18.4 percent, and 13.9 percent, respectively.

Trade and finance also saw steady growth. Retail sales of commodities above designated size grew 4.3 percent. Ningbo-Zhoushan Port handled 1.19 billion metric tons of cargo, up 3.1 percent, and 36.27 million twenty-foot equivalent units (TEUs) of containers, up 10.5 percent. Deposits and loans at financial institutions rose 11.1 percent and 8.2 percent, respectively.

Consumption remained stable, with the city's retail sales of consumer goods totaling 470.39 billion yuan ($66.1 billion), an uptick of 2.4 percent. Driven by the consumer goods trade-in program, retail sales of household appliances and audio-visual equipment, as well as cultural and office supplies, increased by 47 percent and 33.8 percent, respectively.

The city's foreign trade reached 1.21 trillion yuan, an increase of 2.6 percent, with private enterprises contributing 77.4 percent.

Trade with the European Union, ASEAN, and Africa grew by 4.1 percent, 14.7 percent, and 21.7 percent year-on-year, respectively, while trade with countries involved in the Belt and Road Initiative rose by 8.9 percent.

Exports of electromechanical products rose 5.9 percent, while new trio of product exports – electric vehicles, lithium-ion batteries, and industrial robots – surged 61.8 percent.