A bird's-eye view of Hangzhou. [Photo provided to ehangzhou.gov.cn]

The Hangzhou municipal bureau of commerce announced on Oct 30 that Hangzhou's foreign trade for the first three quarters of 2024 reached a total of 595.3 billion yuan ($83.6 billion), marking a 6.7-percent year-on-year increase.

Exports alone amounted to 416.5 billion yuan, an 8.8-percent rise, representing 14.3 percent of Zhejiang province's total. Since June, Hangzhou has achieved an unprecedented milestone, surpassing 50 billion yuan in monthly exports for four consecutive months.

Hangzhou's export structure continues to improve, with a significant increase in exports of high-tech goods. Mechanical and electrical products totaled 203.1 billion yuan, up 10.5 percent year-on-year and accounting for 48.8 percent of the city's exports. Cross-border e-commerce also saw robust growth, with 44.05 billion yuan in exports through customs platforms, a 13.1-percent year-on-year increase for September and consistent double-digit growth for the past three months.

The European Union, United States, and ASEAN remained Hangzhou's top export markets, showing growth rates of 9.0 percent, 10.1 percent, and 13.8 percent, respectively. Meanwhile, exports to the Middle East rose by 12.6 percent. Latin America remained Hangzhou's largest import source, with 31.68 billion yuan in imports, a 33.3-percent increase. Hangzhou's trade with Belt and Road Initiative countries reached 263.1 billion yuan, up 6.8 percent, with exports accounting for 180.1 billion yuan.

The China (Zhejiang) Pilot Free Trade Zone. [Photo provided to ehangzhou.gov.cn]