Private enterprises play pivotal role in Ningbo's foreign trade

Private enterprises in Ningbo saw their combined import and export volume reach 708.83 billion yuan during the first eight months of the year, according to recent data released by Ningbo Customs.

Of this total, exports accounted for 503.32 billion yuan ($71.28 billion), marking a year-on-year increase of 12.3 percent and representing 81.4 percent of Ningbo's total export volume for the same period.

Mechanical and electrical products were the prime categories of goods exported by the city's private enterprises. The export volume of mechanical and electrical products from these enterprises reached 289.13 billion yuan from January to August, marking a 12.5 percent year-on-year increase and marking the fourth consecutive month of double-digit growth.

During the same period, Ningbo's private enterprises demonstrated robust import and export performance in both established and emerging markets. Notably, exports to regions such as the European Union and the United States saw year-on-year growth rates of 13.1 percent and 13.2 percent, respectively, while exports to ASEAN and Africa also experienced significant increases of 23.4 percent and 5.5 percent, respectively.

One notable success story is Ningbo Wah Hoi Animation Toys Co Ltd, a private enterprise specializing in the production and export of various board game products, with an annual output exceeding 8 million sets. With a growing fan base in regions like Europe, America, and Southeast Asia, board games manufactured in Ningbo continue to captivate fans worldwide.

"Our unwavering commitment to exceptional quality and continuous innovation serves as the cornerstone of our international market expansion," remarked Hu Junxiao, a representative at the company. He further highlighted the company's proactive efforts in developing a new series of toy products inspired by Chinese aerospace technology, aimed at securing more business opportunities on the global stage.