Ningbo's trade with ASEAN thrives Jan-May

Customs officials examine goods to be exported from Ningbo, Zhejiang province. [Photo/cnnb.com.cn]

Ningbo's trade volume with ASEAN reached 71.96 billion yuan ($9.9 billion) in the first five months of this year, marking a 19.1 percent year-on-year increase, according to official data.

Breaking down the figures, exports amounted to 39.15 billion yuan, up by 20.3 percent year-on-year, while imports totaled 32.81 billion yuan, representing a 17.6 percent annual increase.

Machinery and electrical products emerged as the primary goods traded between Ningbo and ASEAN during this period. The export volume of these commodities stood at 21.3 billion yuan, with imports reaching 3.08 billion yuan, respective increases of 29.4 percent and 78.6 percent compared to the same period last year.

The rapid economic progress in ASEAN has driven external demand, including for Ningbo's traditional advantageous products and labor-intensive goods. Significant increases were observed in the city's exports of textiles, plastic products, clothing, and furniture to ASEAN, with year-on-year growth rates of 8 percent, 24 percent, 21 percent, and 61 percent, respectively.

On the import side, positive trends in domestic economic performance, coupled with robust industrial demand for production materials, have boosted Ningbo's imports of natural resources and raw materials from ASEAN. For instance, imports of aluminum surged to 2.41 billion yuan, marking a 132.8 percent increase year-on-year. Additionally, imports of high-tech products soared to 2.48 billion yuan, a 73.3 percent increase compared to the corresponding period last year.