Ningbo's foreign trade grows in Q1

Container terminal operations are underway at the Chuanshan Port Area of Ningbo-Zhoushan Port. [Photo by Wu Mengkai/Yongpai App]

According to data released by Ningbo Customs, Ningbo's total import and export value reached 369.38 billion yuan ($54.15 billion) in the first quarter of the year, up 5.9 percent year-on-year.

Exports totaled 243.69 billion yuan, marking a 2.5 percent increase, while imports surged 13.1 percent to 125.69 billion yuan, reflecting stronger domestic demand.

Private enterprises remained the main driver of growth, accounting for 283.5 billion yuan in trade, or 76.8 percent of the total. Meanwhile, foreign-invested enterprises and State-owned firms saw their trade volumes rise by 8.9 percent and 7.1 percent, respectively.

A diversified market structure continued to support growth, with emerging markets acting as key drivers. The European Union remained Ningbo's largest trading partner, with trade rising 6.9 percent to 64.76 billion yuan. Trade with ASEAN grew by 10.6 percent, with Indonesia and Vietnam both exceeding 10 billion yuan. Trade with Africa jumped an impressive 20.1 percent to 23.9 billion yuan.

Mechanical and electrical products were the largest export, accounting for nearly 60 percent of the total. The "new three" products — electric vehicles, lithium-ion batteries, and photovoltaic goods, saw explosive growth, surging 144 percent overall.

On the import side, rising demand for production and investment boosted shipments of raw materials such as metal ores, copper, and rubber, underscoring continued industrial expansion.