E. China's Ningbo sees first positive growth in foreign trade since COVID-19 outbreak
Source: Global Times Published: 2020/8/11 0:16:25
SAHAM MAX, a bulk carrier with a 400,000-ton capacity, approaches the Shulanghu ore transit dock at the Ningbo Zhoushan port. In the first half of the year, it handled 16.07 million tons of cargo, up 24.3 percent year-on-year, achieving 51.9 percent of the goal set for the year. Photo: cnshphoto
Ningbo in East China's Zhejiang Province has achieved positive growth in foreign trade for the first time since the COVID-19 outbreak, with its import and export value from January to July hitting 526.64 billion yuan ($75.61 billion), up 0.9 percent year-on-year.
The imports reached 183.79 billion yuan, up 1.2 percent year-on-year, and exports 342.85 billion yuan, up 0.7 percent. The city achieved a cumulative trade surplus of 159.06 billion yuan, the local government announced on Monday.
In July alone, Ningbo's imports and exports saw a year-on-year increase of 8 percent, reaching 95.89 billion yuan.
Private enterprises and foreign-invested enterprises are the main drivers of the city's foreign trade development, accounting for 93.4 percent of its total import and export value from January to July, according to the local government.
Specifically, imports and exports by private enterprises reached 371.54 billion yuan, up 6.3 percent, while the figure for foreign-backed firms decreased by 8 percent to 120.34 billion yuan.
Statistics show that the EU (not including the UK), the US and ASEAN are the top three trading partners and all have seen growth in business with Ningbo, taking 46.1 percent of the city's total foreign trade value from January to June.
However, the city's imports and exports to Belt and Road countries saw a 1.7 percent decrease to 146.3 billion yuan in this period, accounting for 27.8 percent of the total value.
Notably, mechanical and electrical products and labor-intensive products are the main export commodities from Ningbo, but the export of high-tech products still saw an increase of 6 percent to 26.74 billion yuan.
Moreover, imports of mechanical and electrical products, high-tech products and some bulk commodities increased. For instance, the imports of mechanical and electrical products reached 30.61 billion yuan, up 7.6 percent; that of high-tech products reached 20.78 billion yuan, up 12.1 percent; and that of copper products reached 16.73 billion yuan, up 68 percent, according to the statistics.
Global Times
Posted in: ECONOMY