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Zhejiang’s Foreign Trade Maintained Double-digit Growth Rate over Past Seven Months

On August 15, reporters learned from Hangzhou Customs that during the first seven months of this year, Zhejiang’s import and export value is 1.44332 trillion yuan, with year-on-year growth of 17.8%, of which the export value is 1.10083 trillion yuan, with year-on-year growth of 12.5%, and the import value is 0.34249 trillion yuan, with year-on-year growth of 36.8%.
This year Zhejiang’s import has shown a strong growing momentum, and from January to July, the monthly import maintained a double-digit growth rate. From January to June, the growth rate was above 30%. Although the growth slowed down in July, it was still above 20%. In the first seven months, the export value exceeded 1 trillion yuan, the accumulated exports maintained a double-digit growth rate, and the export share remained basically flat compared with a year earlier.
In the structure of exports, the export ratio of mechanical and electrical products has increased since this year. From January to July, the provincial export of mechanical and electrical products was 474.28 billion yuan, with year-on-year growth of 15.0%, 2.5 percentage points higher than the provincial export growth rate, accounting for 43.1% of the provincial export. The transformation and upgrading of some labor-intensive industries has scored obvious results, of which the export growth rate of furniture, plastic product, and toy is 19.2%, 13.7% and 64.2% respectively, all higher than the provincial export growth rate. Although the export of solar cells, affected by EU and US “anti-dumping and anti-subsidy” policies, only increases by 3.5%, the export of new high-tech products still maintains a solid growth at 11.5%. As for imported products, driven by price increases in staple commodities, the import of 20 major commodities, which are represented by plastic in primary form and iron ore, is 180.2 billion, with year-on-year growth of 48.9%. Mechanical and electrical products, and new high-tech products maintain a rapid import growth at 28.6% and 34.4% respectively, playing an important role in optimizing the import structure and promoting the provincial industrial transformation.

It is worth mentioning that at present, the new trade format is in the period of adjustment, after going through the high-speed development. Therefore, the transition from old to new growth drivers needs to be accelerated. In July, the export value of cross-border e-commerce retailer (B2C) is 2.6 million yuan, with year-on year growth of 10.8%, which is the first positive growth since this year.


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