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Zhejiang's trade with BRI countries rise, driving impressive growth in Q3

ezhejiang.gov.cn| Updated: November 20, 2023 L M S

Zhejiang ranked third in the country in the first ten months of 2023 in terms of imports and exports, with a total value of 4.09 trillion yuan ($563.83 billion), an increase of 5.2 percent, according to the latest figures released by the Hangzhou Customs.

Exports were valued at 2.99 trillion yuan, up 4.3 percent, while imports were valued at 1.10 trillion yuan, up 7.8 percent.

The share of total foreign trade, exports and imports accounted for 11.9 percent, 15.3 percent, and 7.5 percent of the national total, respectively, ranking third, second, and fifth nationwide.

From Jan to Oct, Zhejiang's foreign trade with countries involved in the Belt and Road Initiative amounted to 2.13 trillion yuan, an increase of 10.2 percent, driving Zhejiang's overall import and export growth by 5.1 percentage points. It accounted for 52.1 percent of Zhejiang's total imports and exports in the same period, an increase of 2.4 percentage points compared to the same period last year.

Zhejiang's exports of electromechanical products were valued at 1.36 trillion yuan from Jan to Oct, an increase of 6.8 percent, which was 4.0 percentage points higher than the national average growth rate. It accounted for 45.5 percent of the province's total exports, an increase of 1.1 percentage points.

In addition, from Jan to Oct, Zhejiang's imports of energy products, metal ores, grains, and bulk commodities, increased by 43.2 percent, 18.2 percent, and 36.0 percent, respectively. Total imports amounted to 332.7 billion yuan, contributing 4.3 percentage points to the province's overall import growth.

In the same period, imports of electromechanical products and high-tech products increased by 5.8 percent and 7.7 percent, respectively, maintaining positive growth for six and eight consecutive months.

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