Ningbo-ASEAN trade surplus soars 120pc in first 11 months

EASTERN China port city of Ningbo's trade with ASEAN generated a cumulative surplus of US$1.75 billion from January to November 2007, a surge of 120 per cent over the same period a year ago, Xinhua reported.

Export to ASEAN soared 50 per cent to $3.5 billion. Import went 14.3 per cent up to $1.77 billion. Total trade value jumped 35.9 per cent to $5.3 billion.

Among the ASEAN countries, Indonesia, Thailand and Malaysia were the top three trading partners for Ningbo with their trade with Ningbo representing 65.8 per cent of the total. Ningbo trade with Indonesia was valued at $1.5 billion, with Thailand at $1.1 billion and with Malaysia, $920 million.

The report said stronger growth is expected to be seen in trade between Ningbo and ASEAN in the future since 90 per cent of both sides' products are allowed to enjoy zero tariff by 2010 according to the trade agreement signed between China and ASEAN.

In the meanwhile, cumulative value of trade between Ningbo and US increased 30.3 per cent to $11 billion.

Export to US rose 27.3 per cent to $9.1 billion. Import surged 47.5 per cent to $1.9 billion. Trade surplus increased 22.9 per cent to $7.2 billion.