ASEAN Surpasses EU to Become Zhejiang's Largest Trading Partner

According to Hangzhou Customs, Zhejiang Province (including Ningbo, same below) recorded a total import and export value of 4.6 trillion yuan in the first ten months of this year, marking a year-on-year increase of 5.3%, which is 1.7 percentage points higher than the national average. Exports reached 3.47 trillion yuan, up 6.9%, while imports amounted to 1.13 trillion yuan, rising 0.4%. Zhejiang's total import and export volume, export volume and import volume accounted for 12.3%, 15.7%, and 7.4% of the national total respectively, ranking third, second, and sixth nationwide in scale. Notably, ASEAN surpassed the EU for the first time to become Zhejiang's largest trading market.

Market structure continued to diversify, with ASEAN rising to the top. In the first ten months, ASEAN surpassed the EU to become Zhejiang Province's largest trading market, with total trade value reaching 710.61 billion yuan, an increase of 16.2%, accounting for 15.4% of the province's total import and export value. “This is inextricably linked to the deepening development of the China-ASEAN Free Trade Area and reflects the new trend of enterprises diversifying their layouts,” analyzed a relevant official from Hangzhou Customs.

The EU served as Zhejiang's second-largest trading partner, with total trade value reaching 702.94 billion yuan, marking a 7.5% increase. Additionally, import and export volume with the Middle East, Latin America, and Africa grew by 3.3%, 2.6%, and 10.1%, respectively. During the same period, Zhejiang deepened cooperation with the BRI partners, achieving a combined import and export volume of 2.63 trillion yuan with these nations, representing an 8.4% growth.

The export structure continued to improve, with the “new three categories” of products performing exceptionally well. In the first ten months, Zhejiang's exports of mechanical and electrical products reached 1.63 trillion yuan, an increase of 8.4%. Among these, exports of the “new three categories” products amounted to 107.8 billion yuan, surging by 20.2%. This segment contributed 8.1% to the province's export growth and boosted the overall export growth rate by 0.6 percentage points.

Foreign trade entities continued to expand, with private enterprises making significant contributions. In the first ten months, Zhejiang saw 124,000 enterprises engaged in import and export activities, an increase of 8.6%. Among them, private enterprises numbered 116,000, up 9%, with imports and exports totaling 3.78 trillion yuan, a 6.9% increase. This accounted for 82.1% of the province's total import and export value, an increase of 1.3 percentage points compared to the same period last year. During the same period, foreign-invested enterprises recorded imports and exports totaling 564.38 billion yuan, up 2.4%.

The quality of imported goods continued to improve, with high-tech electromechanical products showing significant growth. In the first ten months, Zhejiang imported electromechanical products worth 197.44 billion yuan, up 21.4%. Among these, imports of automatic data processing equipment and their components surged by 46.8%. Imports of high-tech products reached 92.92 billion yuan, rising 26.1%, with high-end equipment imports increasing by 45.7%.