Ningbo's foreign trade surges 48.6 percent Jan-Feb

Ningbo's foreign trade secured a good start this year despite the ongoing COVID-19 pandemic, according to official data.

The city's imports and exports were valued at 170.51 billion yuan ($26.23 billion) in the first two months of this year, an increase of 48.6 percent year-on-year, 16.4 percentage points higher than the national average.

Specifically, its exports stood at 111.42 billion yuan from January to February, rising by 53.4 percent, while import volume reached 59.09 billion yuan, an increase of 40.3 percent.

In February, 35.23 percent of the foreign trade businesses from the city reported a year-on-year growth in export orders, while 30 percent saw a year-on-year increase in new orders.

Rising orders, as a result, have greatly bolstered the confidence of enterprises. The export confidence index reached 22.27 percent in February, up 3.98 percentage points from the previous month, the highest since 2018.

A head official from the Ningbo municipal bureau of commerce forecast that the growing momentum will sustain over the next few months, given the positive factors including the availability of COVID-19 vaccines and the economic recovery both at home and abroad.

However, uncertainty regarding factors such as the fluctuation of raw material prices and exchange rate might destabilize the growth trend.

Authorities are now planning to step up the upgrading of traditional foreign trade and optimize the quality and structure of export products.

Meanwhile, they will further studies on policies such as the Regional Comprehensive Economic Partnership (RCEP) and strive to make the city an engine fueling China-EU economic links.