Hangzhou's foreign trade remains steady in 2018: report

Staff from Hangzhou Customs examine goods in Hangzhou, Zhejiang province. [Photo/VCG]

The foreign trade volume of Hangzhou, capital of East China's Zhejiang province witnessed a steady growth of 3.1 percent to 524.53 billion yuan ($77.93 billion) in 2018, according to an announcement made by local customs authorities on Feb 1.

The city's foreign trade volume accounted for 18.4 percent of Zhejiang's total foreign trade in 2018, with the exports accounting for 16.1 percent to 341.7 billion yuan and imports taking up 24.9 percent to 182.8 billion yuan, showed statistics released by the customs, indicating that Hangzhou has achieved positive growth in foreign trade for three years in a row during the 13th Five-Year Plan (2016-20) period.

As the eastern city has become more aware of the importance of imports, the trade surplus is continuing to decrease along with a more balanced trade structure.

According to the statistics, the trade surplus of Hangzhou last year achieved 158.89 billion yuan, a 12.5 percent decrease compared to the same period last year, which could be partly attributed to new methods of operation in terms of foreign trade.

The imports in cross-border e-commerce saw a 36 percent yearly growth, up to 10.42 billion yuan, while foreign trade service companies contributed 290 million yuan in imports, up 68.2 percent year-on-year.