The foreign trade of Ningbo has finally embraced the light at the end of the tunnel. Statistics showed that in the first seven months, exports and imports totaled 343.35bn, rising by 0.2% year-on-year. Specifically, imports reached 100.85bn, dropping by 2.2% while exports hit 244.5bn with an increase of 1.2%, which led to a trade surplus of 141.65bn. The growth in foreign trade is reportedly to be the first time since 2016.
Imports and exports in July alone has reached 55.62bn, climbing by 6.1%. Since March, Ningbo has witnessed 5consecutive months that achieved a year-on-year growth.
Besides, private enterprises had given an outstanding performance. During the seven months, they contributed to 213.82bn in the foreign trade, increasing by 3.9% and accounting for 62.3% of the total. Meanwhile, imports and exports of foreign-funded enterprises fell by 10.2%, and that of state-owned enterprises fell by 3.9%. Since March, the progress of private enterprises has gained momentum with each month achieving a year-on-year growth, which is 32.4% in March, 14.3% in April, 10.4% in May, 8.7% in June and 11% in July. Thus, their dominance is further consolidated.
The trade with major partners and other regions involved in national strategies boomed. Ningbo achieved a growth in trade with its top three partners. Imports and exports between Ningbo and the EU totaled 75.57bn, rising by 3.5%; the city's trade with America totaled 61.37bn, rising by 3% and that with the ASEAN totaled 29.64bn, rising by 8.2%. Moreover, its trade with the countries along the route of the Belt and Road Initiative amounted to 93.44bn, increasing by 6.3% and with the Central and Eastern Europe, the figure was 8.58bn, a 11.1% increase. Notably, the trade between Ningbo and Hong Kong reached 1.15bn, rising by 31.1%, the first increase since 2016.
Export of traditional products surged, proving the influence of industrial transformation. By the end of July, Ningbo exported mechanical and electrical products worth 130.22bn with an increase of 0.03% and labor-intensive products worth 68.54bn with an increase of 1.7%. Together they took up 82% of the total exports. Imports of commodities picked up conspicuously, catering to the still high industrial demand. Besides, Ningbo imported 21.567 million tons of iron ore, 1.104 million tons of oil, 0.173 million tons of steel and 82,000 tons of unwrought copper and copper materials, increasing by 7.3%, 5.3 fold, 12.3% and 51.3% respectively.
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The foreign trade of Ningbo has finally embraced the light at the end of the tunnel. Statistics showed that in the first seven months, exports and imports totaled 343.35bn, rising by 0.2% year-on-year. Specifically, imports reached 100.85bn, dropping by 2.2% while exports hit 244.5bn with an increase of 1.2%, which led to a trade surplus of 141.65bn. The growth in foreign trade is reportedly to be the first time since 2016.
