The latest data from the Hangzhou customs office show that East China’s Zhejiang province was the greatest contributor to the country’s growth in foreign trade in the first 11 months of this year.
The province’s foreign trade was valued at 3.06 trillion yuan ($467.8 billion) in the first 11 months, up 10.3 percent from the previous year.
Its exports and imports during this period grew by 9.6 percent and 12.7 percent year-on-year to 2.27 trillion yuan and 785.73 billion yuan, respectively.
Zhejiang alone raised national foreign trade, exports, and imports by 1 percent, 1.3 percent, and 0.7 percent, respectively, more than any other province in China.
According to a statistics department official from the China Hangzhou customs office, Zhejiang’s foreign trade has been consistently growing at a rapid pace throughout the second half of this year. The province’s foreign trade and exports were valued at 318.39 billion yuan and 239.16 billion yuan in November, up 18.5 percent and 20.8 percent year-on-year, respectively.
Over the first 11 months of this year, trade between Zhejiang and the European Union, the United States, and the ASEAN shot up 9.4 percent, 19.4 percent, and 17.9 percent, respectively, and accounted for 44.5 percent of the province’s total foreign trade.
In the same period, Zhejiang’s imports from countries involved in the Belt and Road Initiative increased 33 percent to 292.69 billion yuan, Hangzhou plays a significant role.
A particularly high increase in exports was seen in Zhejiang’s high-tech industries. Between January and November, the province’s exports of machinery and electronics stood at 1.02 trillion yuan, up 15.4 percent year-on-year and accounting for 45 percent of the province’s total exports.
Zhejiang’s private companies saw 1.87 trillion yuan in exports, up 13.1 percent year-on-year, while their imports grew by 19 percent to 448.49 billion yuan, beating out State-owned enterprises in both respects.
Foreign-funded companies in Zhejiang saw a 9.6 percent increase in trade in November for the third time in a row.
The latest data also reflects Zhejiang’s smooth transition to new business models. Exports and imports conducted on the province’s management platform for cross-border e-commerce increased by a factor of 2.5 to 7.24 billion yuan over the first 11 months. Exports made via the “market procurement trade” mechanism rose by 16.3 percent year-on-year to 272.45 billion yuan.