Ningbo's foreign trade records 8.9% growth in Q1

Ningbo-Zhoushan Port, the world's largest port in terms of cargo turnover [Photo/zj.zjol.com] 

Foreign trade in Ningbo, East China's Zhejiang province recorded year-on-year growth of 8.9 percent in the first quarter of the year, reaching nearly 205 billion yuan ($30.61 billion), according to statistics from Ningbo Customs.

Imports totaled 74.8 billion yuan while exports totaled 130.2 billion yuan, up 5.6 percent and 10.9 percent, respectively, from a year earlier. 

Private and foreign-funded companies remained the main force behind the city's foreign trade, accounting for 65.3 percent and 25.8 percent, respectively, of the city's total during that period. 

Ningbo's trade with its top 10 trading partners continued to grow, with the exception of the United States and South Korea. Trade growth with its top three partners – the European Union, the United States and the Association of Southeast Asian Nations – was mixed. While the city’s trade with the EU and ASEAN increased by 10.3 percent and 16.8 percent, respectively, its trade with the US was down 10.8 percent. Trade with its top three partners took up 44.9 percent of the city's total. 

Thanks to a surge in oil and iron ore imports, Ningbo's foreign trade with Russia and Brazil witnessed strong growth of 51 percent and 19.3 percent, respectively. In addition, Ningbo's trade with Central and Eastern European Countries totaled 5.87 billion yuan, up 10 percent year on year. 

Exports of mechanical and electrical products saw a slight increase of 10.8 percent, reaching 72.79 billion yuan, accounting for 55.9 percent of the city's total exports.

Imports of several bulk commodities grew sharply, such as oil, which increased by a factor of 1.9 from a year earlier, at 886,000 metric tons.