Zhoushan’s foreign trade up 43.5% in Jan-Nov

International Business News  –  Foreign trade in Zhoushan posted the highest growth rate in Zhejiang province as it rose 43.5 percent year-on-year in the first 11 months of 2021 to 213.75 billion yuan ($33.55 billion), according to local commerce bureau.

The city’s exports totaled 70.86 billion, a year-on-year increase of 39.5 percent while imports amounted to 142.88 billion yuan, a year-on-year increase of 45.5 percent.

Zhoushan had earlier this year rolled out a series of measures to stabilize foreign trade and increased its support of international oil trade, international maritime service, and the innovative development of processing trade.

The city also allocated more than 10 million yuan to promoting commercial businesses, a move that has benefited 127 foreign trade companies.

Zhoushan secured an import quota of 32 million metric tons of crude oil and an export quota of 1.91 million tons of refined oil product from Zhejiang Petroleum & Chemical Co Ltd this year, bringing the ratio of bulk commodity to foreign trade value to 82 percent.

The city also further expanded the import of grain, oil and other agricultural products from January to November, with its total trading volume of agricultural products reaching 25.3 billion yuan.

Online platforms have also been launched in Zhoushan to facilitate trade. The city’s global marketing and promotion platform “Zhoumaotong”, for example, has helped nearly 60 local companies export 10 million yuan worth of products.