Ningbo foreign trade outpaces national, provincial levels

Ningbo in Zhejiang province saw rapid growth in its foreign trade in the first half of the year, with the total value hitting nearly 432.8 billion yuan ($62.96 billion), up 7.4 percent year-on-year, 3.5 percent higher than the average national level. 

Specifically, exports increased by 8 percent and imports increased by 6.5 percent, both higher than the average national and provincial levels, statistics showed. 

Officials said the value-added of the city's foreign trade enterprises has been greatly improved thanks to its product structural adjustment in recent years.

According to statistics, exports of mechanical and engineering products with higher technical content and value-added maintained a leading position in all the city's exports, with the value reaching nearly 154.1 billion yuan, up 8.2 percent year-on-year.

New businesses such as cross-border e-commerce became a new growth engine. The city's cross-border e-commerce imports totaled 8.98 billion yuan, up 38.4 percent from a year earlier, in the period.

Private companies remained the main drive in the city's foreign trade, with the export and import value hitting nearly 287.8 billion yuan, accounting for 66.5 percent of the city's total during the period.

The EU, United States and ASEAN remained the top three trade partners while trade with countries involved in the Belt and Road Initiative also saw strong growth momentum.

Statistics showed Ningbo's trade with the EU and ASEAN increased by 5.2 percent and 20.3 percent, respectively. Trade with Russia, Brazil as well as the Central and Eastern European Countries increased by 39.1 percent, 22 percent and 7.8 percent, respectively. But trade with the United States declined by 1 percent during the period.