The foreign trade of Jinhua in Zhejiang province reached 216.92 billion yuan ($29.68 billion) in the first quarter, marking a 12.4 percent increase compared to the previous year, according to Jinhua Customs on April 19.
The city's exports rose by 14.3 percent to 192.19 billion yuan, contributing 24.8 percent to the province's overall export growth and securing the second position in the province. Despite a slight 0.2 percent dip, imports stood at 24.73 billion yuan, surpassing both provincial and national averages.
The collaboration between government and enterprises played a pivotal role in market expansion. Valcon New Energy Technology (Zhejiang) Co, a high-tech enterprise specializing in lithium-ion batteries, energy storage, and power systems, initially faced challenges in exporting due to complex inspection processes. Jinhua Customs responded by providing tailored services, streamlining regulatory procedures, and ensuring a smooth export process for the company.
Jinhua's trade with emerging markets saw a notable increase in the first quarter, particularly with countries involved in the Belt and Road Initiative, accounting for 61.6 percent of the city's total trade. Trade with the EU and ASEAN also grew by 14.8 percent and 15.9 percent.
The city experienced significant growth in exports of household appliances and automotive parts, which increased by 19.9 percent and 26.4 percent, respectively. Private enterprises dominated the city's import-export landscape, accounting for 98.3 percent of the trade with a 12.2 percent growth rate. Foreign-funded enterprises also saw a substantial increase of 27.6 percent.
Innovative trade methods are driving growth, as demonstrated by Yimei Jewelry Chain Co's outbound processing business.
"We used to export materials for processing abroad through general trade mode, and when they returned to the country, we needed to pay import duties. This year, we learned from Jinhua Customs that we can eliminate this duty through outbound processing mode, which can reduce our overall costs by 10 to 15 percent," explained Xu Hang from the company.
