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Policies stabilizing foreign trade take effect

Since mid-July, the economic data of Ningbo's foreign trade and retail sales have been released successively in the first half of the year.

In the first half of this year, Ningbo's foreign trade import and export, export, and import increased by 30.7%, 28.4%, and 35% year-on-year respectively. The growth rate of Ningbo's import and export and export was 3.6 and 0.3 percentage points higher than that of the whole country, and 0.5 and 1.2 percentage points higher than that of the province.

Ningbo's new success in foreign trade is mainly attributed to our country's major strategic achievements in coordinating epidemic prevention and control and economic and social development. A series of national, provincial, and municipal foreign trade stabilization policies have continued to be effective. It is a major achievement of joint efforts by various departments, regions and foreign trade enterprises. Compared with the past, four main factors in the first half of this year had a stronger stimulating effect on the development of Ningbo's foreign trade.

First, the "home economy" commodities and the return of orders continue to drive exports. China took the lead in controlling the epidemic, and the industrial chain and supply chain were stable and smooth, filling the gap in the supply and demand of necessities in other countries, and bringing about an increase in foreign trade orders. In the first half of the year, the export of electro-mechanical products reached RMB204.87 billion, up 37.3% year-on-year, accounting for 57.2% of the city’s total exports. From January to May, the growth of Ningbo's exports of sports goods, furniture and other "home economy" commodities remained high, increasing by 130.6% and 59.8% respectively.

Second, rising commodity prices are driving imports. Affected by the increase in prices of bulk commodities such as iron ore, copper, steel, and crude oil, Ningbo's metal ore and ore imports increased sharply in the first half of the year, amounting to RMB25.98 billion, a year-on-year increase of 100.7%. Imports of iron ore and concentrates increased by 106.3%, imports of copper ore and concentrates increased by 89.3%, and imports of unwrought copper and copper materials increased by 51.7%.

Third, new business formats such as cross-border e-commerce have become an important force in stabilizing foreign trade. New forms of foreign trade, such as cross-border e-commerce, are a vital force in foreign trade development, which can well stimulate the vitality of foreign trade entities, expand the space for foreign trade development, and improve the efficiency of foreign trade operations. From January to May, Ningbo's cross-border e-commerce imports and exports amounted to RMB76.22 billion, a year-on-year increase of 31.5%. Exports increased by 37.7% to RMB67.07 billion; imports reached RMB9.15 billion, continuing to rank among the top in the country.

Fourth is the relatively low base of foreign trade in the first half of last year. In the first half of last year, the sudden outbreak of the epidemic caused ups and downs in the foreign trade. Especially in February last year, the city's imports and exports were close to zero for a period of time, and the development of foreign trade faced a severe situation. In the first half of 2020, Ningbo’s import and export was RMB430.75 billion, a year-on-year decrease of 0.6%

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