Zhoushan ranks 1st in Zhejiang for foreign trade growth

The container vessel Cosco Kawasaki berths on the Dapukou Port in Jintang Port Area in Zhoushan, East China's Zhejiang province on Sept 1, 2018, to ship some commodities made in China to Africa. [Photo/IC]

Foreign trade in Zhoushan, East China's Zhejiang province hit a record high last year and ranked 1st in the province for annual growth, local media recently reported.

According to local authorities, the city's imports and exports in 2018 totaled over 113.5 billion yuan ($16.89 billion), up 44.91 percent year on year. Its imports exceeded 70 billion yuan, ranking 4th in the province.

Bulk commodities, including oil, ore and food, took up the biggest share of the city's imports, at 78 percent, thanks to the favorable policies released by the local government for the development of the China (Zhejiang) Pilot Free Trade Zone (FTZ), the city's robust river-sea intermodal transport services and advantages in oil storage. 

The oil exports of Zhoushan rose from 20 percent to 40 percent of the city's total exports and aquatic exports rose from 14 percent to 20 percent. 

The city has accelerated its bulk commodity trade over the past year, by cooperating with domestic oil giants such as Sinopec in building a Northasian crude oil trade center in Zhoushan and strengthening research into iron ore and agricultural produce trade. 

It has also enhanced international maritime services, with seven bonded fuel suppliers now located in the city, and formulated more policies to support its bunkering business, such as a three-year action plan on low-sulphur bunker fuel supply in Zhejiang FTZ. 

In addition, the city organized local companies to participate in various trade fairs and expositions, such as the first China International Import Expo held in Shanghai in November, in which Zhoushan companies inked deals worth $790 million.

The liquefied natural gas (LNG) terminal owned by Chinese energy company ENN Group in Zhoushan, East China's Zhejiang province receives its first LNG tanker, Stena Blue Sky from Britain, on Aug 7, 2018. [Photo/IC]