Copyright 2023 - Ningbo Life / Ningbo Expat

Ningbo’s import and export increases by 22.5% in the first three quarters

“Our company’s products are mainly exported to large supermarkets in Europe and the United States. The total export volume in the first three quarters reaches RMB40 million, increasing by more than 20% year-on-year. Although this year has been affected by factors such as the price increase of aluminum and other raw materials and the exchange rate, the production costs and pressures have increased, but I believe that the development in the fourth quarter of this year will continue to improve.” Manager Ye, the head of customs affairs of Ningbo Shama Home Furnishing Import & Export Co., Ltd., remained optimistic about the foreign trade situation.

The prosperity of Shama Home Furnishing is a microcosm of Ningbo foreign trade enterprises. According to statistics from Ningbo Customs, in the first three quarters, Ningbo's import and export totaled RMB872.98 billion, up by 22.5% compared with the same period last year. Among them, exports increased by 20% to RMB557.42 billion, and imports reached RMB315.56 billion, a year-on-year increase of 27.2%. "The data show that Ningbo’s foreign trade has strong resilience. It has achieved rapid growth, and the pace of high-quality development is accelerating, one step closer to the trillion-dollar goal." said the relevant person in charge of Ningbo Customs.

Private enterprises are still the main force in Ningbo's import and export, with a total volume of RMB614.34 billion, up by 21.4% year-on-year, accounting for 70.4% of the city's total import and export volume in the same period. The European Union, the United States and ASEAN remain the top three trading partners. In the first three quarters, Ningbo's imports and exports to the EU, the United States and ASEAN were RMB154.33 billion, RMB153.08 billion, and RMB92.42 billion respectively, representing a year-on-year increase of 22%, 23.5%, and 17.6%. They accounted for 45.8% of Ningbo’s total foreign trade value in the same period. During the same period, Ningbo's imports and exports to countries along the “Belt and Road” reached RMB241.28 billion, up by 22% year-on-year, accounting for 27.6% of Ningbo's total import and export value during the same period.

In terms of product categories, electro-mechanical products are the main export commodities, with exports of RMB320.47 billion, a year-on-year increase of 27.3%, accounting for 57.5% of the city’s total exports. The import value of metal ore and ore increased significantly, with an import volume of RMB38.37 billion, up by 65.2%

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