Zhoushan sees huge growth of foreign trade in first 8 months

Zhoushan came out top in Zhejiang province for imports and exports growth during the first eight months of the year, according to the Bureau of Commerce of Zhoushan. 

Statistics show the total imports and exports of the city reached around 67.5 billion yuan ($9.83 billion) during the period, up 33.3 percent year-on-year and 23.1 percent higher than the average provincial level in growth. 

Notably, imports topped 43 billion yuan, up 63.2 percent year-on-year, ranking first among other cities in the province in growth for the first time. 

China (Zhejiang) Pilot Free Trade Zone saw stable growth in its foreign trade, totaling nearly 37 billion yuan, up 89.3 percent year-on-year, with imports and exports reaching 26.7 billion yuan and 10.2 billion yuan respectively, up 123.2 percent and 35.4 percent respectively from a year earlier. 

The main driver behind such strong growth is the bulk commodity industry, which accounted for 65.4 percent of the city's total imports and exports for the first eight months, at around 44 billion yuan, up 51.9 percent year-on-year. 

Significantly, the imports of refined oil exceeded 22.3 billion yuan, contributing 50.2 percent to the city's import growth, thanks to the thriving bunkering industry. 

The aquatic industry, represented by pelagic fishery products such as tuna, is another driver, which saw a growth of 22.3 percent in foreign trade on a year-on-year basis, at nearly 5.5 billion yuan, with imports reaching 900 million, up 81.3 percent year-on-year, and exports exceeding 4.5 billion yuan, up 15.1 percent year-on-year.