The latest data from the Hangzhou customs office show that Zhejiang province's foreign trade stood at 299.94 billion yuan ($45.41 billion) in October, up 17 percent year-on-year and accounting for 34.9 percent of national growth in foreign trade.

According to a statistics department official from the Hangzhou customs office, Zhejiangs foreign trade reached 2.74 trillion yuan in the first 10 months of this year, up 9.5 percent from the previous year. Its exports during the period grew by 8.4 percent year-on-year to 2.04 trillion yuan.

Over the first 10 months of this year, trade between Zhejiang and the United States, the ASEAN and South Korea shot up 16.7 percent, 18.4 percent and 16.4 percent, respectively, accounting for 32.4 percent of the province's total foreign trade volume. In the same period, Zhejiang's imports from countries involved in the Belt and Road Initiative soared by 35.7 percent to 261.75 billion yuan.

A particularly high increase in exports was seen in Zhejiang's high-tech industries. Between January and October, the province's exports of machinery and electronic products stood at 911.11 billion yuan, up 13.6 percent year-on-year, while its high-tech product exports were valued at 159.6 billion yuan, up 23 percent year-on-year.

Private companies saw 1.67 trillion yuan in exports, up 11.8 percent year-on-year; while their imports grew by 18.6 percent to 401.89 billion yuan.