Copyright 2020 - Custom text here

Ningbo’s foreign trade is resilient amid the epidemic

Overall, Ningbo’s foreign trade in the first half of 2020 was better than expected, and the import and export gradually stabilized. In the first half of the year, the city’s import and export amounted to 430.75 billion yuan, accounting for 3.03% of the country’s import and export, up 0.12 percentage points from the end of 2019. Among them, exports amounted to 278.92 billion yuan, accounting for 3.62 percent of the country’s exports, up 0.16 percentage points from the end of 2019, up 0.3 percent year-on-year, better than the country’s 3.3 percentage points. On a monthly basis, the city’s import and export and exports have seen positive growth for four consecutive months since March.

The exports of high-tech and labor-intensive products both increased, and the proportion of imports of electromechanical and high-tech products increased. In the first half of the year, Ningbo’ exports of high-tech products registered 22.05 billion yuan, up 6.3% year-on-year, an increase of 6 percentage points higher than the city's average, accounting for 7.9% of the city’s exports. The proportion increased by 0.4 percentage points. Exports of garments, textiles, plastic products, furniture, toys, footwear, bags and other seven categories of labor-intensive products increased by 9.0% year-on-year, an increase of 8.7 percentage points higher than the city average.

Exports of medical supplies increased by 427.9%, textile yarns, fabrics and products (including masks) increased by 56.6%, and sporting goods and equipment increased by 28.7%. The export of electromechanical products was 149.10 billion yuan, down 2.6 percent, accounting for 53.5 percent, a decrease of 1.6 percentage points. As for imports, the city's imports of mechanical and electrical products were 25.75 billion yuan, up 7.7%, accounting for 17.0% of the city’s imports, with the proportion increased by 1.6 percentage points; imports of high-tech products were 17.46 billion yuan, up 13.1%, accounting for 11.5% of the city’s imports, with the proportion increased by 1.6 percentage points over the same period in 2019.

The European, American and Japanese markets grew across the board, with mixed performance in emerging markets. In the first half of the year, the city’s import and export with the EU was 77.82 billion yuan, up 3.4 percent, accounting for 18.1 percent of the city's total trade value, with the proportion increased by 0.7 percentage points, of which exports were 65.47 billion yuan, up 3.2 percent, and imports were 12.35 billion yuan, up 4.2 percent. Import and export with the United States 71.65 billion yuan, an increase of 9.5%, accounting for 16.6% of the city's total trade, the proportion increased by 1.5 percentage points, including exports to the United States 63.08 billion yuan, an increase of 6.5%, imports from the United States 8.57 billion yuan, an increase of 38.4%. The import and export with ASEAN countries was 48.24 billion yuan, up 7.5%, accounting for 11.2% of the city's total trade value, and the proportion increased by 0.8 percentage points, of which exports to ASEAN were 24.83 billion yuan, up 2.5%, and imports from ASEAN were 23.42 billion yuan, up 13.4%. Import and export with Japan 26.54 billion yuan, an increase of 0.8%. The city’s trade volume with 65 countries along the "Belt and Road" 121.01 billion yuan, down 3.6 percent, and trade volume with 17 countries in Central and Eastern Europe 13.27 billion yuan, down 1.8 percent.

Private enterprises, as the main force of foreign trade, drove significant growth in import and export. In the first half of the year, the city's private enterprises exported 211.80 billion yuan, up 4.4 percent year-on-year, pulling the city’s export growth of 3.2 percentage points, accounting for 75.9 percent of the city's total exports, the proportion increased by 3.0 percentage points; imports 89.24 billion yuan, up 4.7 percent, pulling the city's import growth of 2.6 percentage points, accounting for 58.8 percent of the city’s imports.

Ningbo will continue to launch targeted help initiatives, create a multi-sectoral policy synergy, jointly help atmosphere of various agencies. All efforts are made to protect the focus, order, market, help foreign trade enterprises to overcome difficulties and stabilize the basic plate of foreign trade in Ningbo

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