Zhejiang imports hit record high in first quarter

Figurines of Cristiano Ronaldo (left) and Lionel Messi are displayed outside a shop at the Yiwu International Trade Market in Yiwu, Jinhua, Zhejiang province, on April 18. [Photo/IC]

Zhejiang's imports rose to a record high for the first quarter, reaching 347.31 billion yuan ($50.95 billion), up 7.7 percent year-on-year, according to Hangzhou Customs.

Imports of metal ores and refined oil products increased 22.4 percent and 29.8 percent, while imports of integrated circuits and semiconductor manufacturing equipment rose 37.2 percent and 31.7 percent.

The strong import performance came as Zhejiang's overall foreign trade exceeded 1.38 trillion yuan in the first quarter, up 7.1 percent year-on-year. Exports rose 6.8 percent to 1.04 trillion yuan, marking the first time they had surpassed 1 trillion yuan in the period.

Trade with countries participating in the Belt and Road Initiative totaled 789.86 billion yuan, up 8.1 percent, accounting for 57.1 percent of the province's total foreign trade. Trade with the European Union rose 10.1 percent to 214.33 billion yuan.

Private enterprises remained the main force in the province's trade. Their total imports and exports reached 1.14 trillion yuan in the first quarter, up 8.6 percent, accounting for 82.4 percent of Zhejiang's total. Foreign-invested enterprises posted 168.85 billion yuan in trade, up 2.7 percent.