Quzhou's export growth rate ranks 2nd in Zhejiang

Quzhou's imports and exports had a total value of 50.11 billion yuan ($7.14 billion) from January to August, an increase of 8.9 percent year-on-year, according to Quzhou Customs.

Exports amounted to 34.31 billion yuan, growing by 19.0 percent year-on-year, the second highest growth rate in Zhejiang province and 10.6 percentage points higher than the provincial average growth rate.

Mechanical and electrical products, along with labor-intensive products, accounted for a high percentage of exports. From January to August, exports of mechanical and electrical products were valued at 10.36 billion yuan, a 39.6-percent increase, accounting for 30.2 percent of the city's total exports, up by 4.5 percentage points.

Exports of labor-intensive products were valued at 3.8 billion yuan, a 40.8-percent increase, making up 11.1 percent of the total – a 1.7-percentage-point increase in share.

South Korea was Quzhou's largest export destination, while Indonesia was the largest source of imports. From January to August, Quzhou exported 6.41 billion yuan in goods to South Korea, 4.55 billion yuan to the Association of Southeast Asian Nations countries, and 4 billion yuan to the United States, growing by 18.5 percent, 20.6 percent, and 27.5 percent, respectively.

Additionally, trade with countries involved in the Belt and Road Initiative amounted to 27.31 billion yuan, while trade with the Regional Comprehensive Economic Partnership countries reached 21.38 billion yuan, an 8.3-percent increase.