Ningbo's Foreign Trade Volume Exceeds One Trillion Yuan in Q1-Q3

 

 

Operations at Chuanshan Port Container Terminal,Port of Ningbo-Zhoushan / Photo by Wu Mengkai

 

 

According to Ningbo Customs, Ningbo's total foreign trade volume for the first three quarters of this year exceeded 1 trillion yuan, reaching 1,092.26 billion yuan, an increase of 3.7% over the same period last year. This sustained a steady development momentum. Of this, exports amounted to 739.34 billion yuan, up 6%, while imports totaled 352.92 billion yuan, with their year-on-year decline narrowing to 0.7% for the period, compared to the January-August figure. In September alone, imports and exports totaled 122.86 billion yuan, growing by 2.9%. Of this, exports were 80.2 billion yuan, up 1%, and imports increased by 6.9% to 42.66 billion yuan.

I. Trade Patterns

General trade imports and exports reached 963.27 billion yuan, up 2.4%, accounting for 88.2% of the city's total foreign trade value. Processing trade imports and exports amounted to 66.4 billion yuan, surging by 26.2%, with its growth rate exceeding the city's overall trade expansion by 22.5 percentage points. Bonded logistics imports and exports stood at 59.55 billion yuan, up 5.2%.

II. Trade Entities

Private enterprises' imports and exports reached 846.13 billion yuan, an increase of 5.7%. This growth rate was 2 percentage points higher than the city's overall rate and contributed 4.4 percentage points to the city's total import and export growth. Private enterprises accounted for 77.5% of the city's foreign trade, a1.5 percentage point rise from the previous year. Specifically, exports were 610.99 billion yuan, up 7.5%, and imports were 235.14 billion yuan, up 1.5%. In addition, foreign-invested enterprises recorded 177.33 billion yuan in imports and exports, accounting for 16.2% of the total, and state-owned enterprises contributed 67.89 billion yuan, making up 6.2%.

III. Trade by Partner Countries

The city's imports and exports with the EU totaled 192.29 billion yuan, up 6.6% and constituting 17.6% of the total. Trade with ASEAN reached 157.13 billion yuan, up 14.8% and representing 14.4%. During the same period, trade with Japan stood at 45.11 billion yuan, up 5.7%, while trade with South Korea saw a 14.6% rise to 39.42 billion yuan. Furthermore, imports and exports with Belt and Road partner countries reached 551.45 billion yuan, an increase of 10.1%. This accounted for 50.5% of the city's total foreign trade, a share that was 2.9 percentage points higher than the same period last year.

IV. Export Commodities

Ningbo's exports of electromechanical products totaled 430.62 billion yuan, marking an 8.1% increase and accounting for 58.2% of the city's total export value. Notably, the "new three categories" of green and low-carbon products performed exceptionally well, with exports reaching 25.9 billion yuan, a substantial 63.1% rise. Within this group, electric vehicle exports surged by 289%, and lithium-ion batteries grew by 10.4%, with both items accelerating their growth compared to the first half of the year. During the same period, industrial robots gained significant traction in international markets, with exports hitting 170 million yuan, an increase of 106.5%.

V. Import Commodities

Ningbo's imports of unwrought copper and copper materials reached 34.17 billion yuan, marking a 22.7% rise. Basic organic chemical imports amounted to 30.12 billion yuan, up 9.6%, while natural and synthetic rubber imports reached 3.34 billion yuan, growing by 57.8%. During the same period, high-tech product imports stood at 31.65 billion yuan, a 13.7% increase, with integrated circuit imports accounting for 15.94 billion yuan, a surge of 38.6%.

 

 

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 Disclaimer：The above content is translated from Chinese version of Alayongguan. The Alayongguan version shall prevail.