Hong Kong: the 9th largest trading partner
- Details
- Category: Governmental News
- Published: Tuesday, 25 September 2012 15:17
Statistics released by Ningbo Customs yesterday shows the total volume of import and export between Ningbo and Hong Kong in the first eight months in 2012 stands at $1.49 billion, an increase of 1.1 percent on a year-on-year basis. The figure includes an import volume of $120 million, a year-on-year increase of 12 percent, and an export volume of $1.37 billion, a year-on-year increase of 0.2 percent. The data shows, Hong Kong has become Ningbo's 9th largest trading partner, playing a crucial role in Ningbo's economic openness.
Data shows from January to August, the processing trade volume between Ningbo and Hong Kong amounted to $870 million, an increase of 5 percent over the same period last year, accounting for 58.4 percent of the total Ningbo-HK trade value in the same period. The general trade stood at $570 million, an increase of 3 percent over the same period last year. Foreign investment dominated the Ningbo-HK trade, with 1.05 billion generated by foreign-funded enterprises from January to August, accounting for 70.5 percent of the total volume in the same period. Besides, the import and export under customs bonded supervision saw rapid growth, amounting to $30,160,000, an increase of 2.4 times over the same period last year.
Private business is playing an increasingly important role in Ningbo-Hong Kong trade as China allows more freedom and flexibility of private sector. During the first 8 months this year, the private businesses generated $114,000 in import and export volume, an increase of 1.7 times year-on-year.
Zhu Dagang, an official of the Ningbo Customs said yesterday: " Hong Kong is becoming Ningbo's 9th largest trading partner, next to the European Union, the United States, ASEAN, Japan, South Korea, Australia, Brazil and Taiwan. The increasing co-operations and exchanges between the two sides lead to the growing Ningbo-HK trade. In addition, "the Closer Economic Partnership Arrangement "(CEPA) also further liberalises economic and trade co-operation between Ningbo and Hong Kong.
