Ningbo's foreign trade values grows to 1.27t yuan in 2022

Ningbo's imports and exports were valued at 1.27 trillion yuan ($181.43 billion) in 2022, an uptick of 6.3 percent year-on-year, according to official statistics from Ningbo Customs.

Specifically, its exports hit 823.06 billion yuan, rising 8 percent year-on-year, while the value of imports amounted to 444.07 billion yuan, an increase of 3.4 percent.

Private enterprises were still the main engine fueling the city's foreign trade growth over the past year.

In 2022, imports and exports of private enterprises from Ningbo expanded 10.1 percent year-on-year to 923.75 billion yuan, accounting for 72.9 percent of the city's total.

The city's top three trading partners during this period were the European Union, the United States, and ASEAN. Its trade with these economies was valued at 229.21 billion yuan, 216.25 billion yuan, and 149.48 billion yuan respectively, up 7.8 percent, 3.8 percent and 19.6 percent, and making up 47 percent of the city's total.

In addition, the city's trade with countries involved in the Belt and Road Initiative rose 16.7 percent to 385.61 billion yuan, making up 30.4 percent of its total.

Last year, Ningbo's trade volume with the other RCEP member countries hit 326.65 billion yuan, rising 4.7 percent year-on-year.

Exports of mechanical and electrical products amounted to 460.19 billion yuan, accounting for 55.9 percent of the city's total exports.

The city also exported 61.01 billion yuan worth of high-tech products, up 10.1 percent year-on-year.

Its imports of agricultural products and refined oil over the past year amounted to 32.3 billion yuan and 22.3 billion yuan, rising by 23.4 percent and 109.6 percent respectively.