Ningbo: the City that Beat Hong Kong to be the World’s Fourth Busiest Port
With a GDP of US$122.31 billion in 2014, Ningbo is a major economic hub along China’s eastern coastline. Much of Ningbo’s economic success can be attributed to the city’s ports which connect the Yangtze River Delta to the East China Sea. Over 10.5 million twenty-foot equivalent units (teu) passed through Ningbo’s ports from January to June of this year, surpassing Hong Kong’s throughput volume of 10.1 million teu over the same period. Ningbo’s profitable overseas trading sector, in addition to its bustling manufacturing industry, has placed the city among China’s largest commercial centers.To get more Ningbo City, you can visit shine news official website.
In 2014, Ningbo’s total import and export volume amassed US$ 219.51 billion, an increase of 2.1 percent from the year prior. As a result of the city’s expanding domestic production, imports accounted for only US$ 73.94 billion of total throughput volume in 2014 (a 6.6 percent decrease from 2013), while exports rose by 7.1 percent and totaled US$ 145.56 billion.
The European Union and the United States remained Ningbo’s top two bilateral trading partners in 2014. Trade between Ningbo and the EU reached US$ 41.01 billion last year, while trade with the US grew by 5.8 percent from 2013 and amounted to US$ 27.15 billion. In addition to the EU and US, significant trade partners for Ningbo include Iran, ASEAN, Russia, Iraq, Saudi Arabia, Japan, and Australia.Where the city once relied solely on its favorable coastal location to ship goods, Ningbo has worked to expand its transportation methods in recent years. Imports and exports by air transport reached US$ 2.08 billion last year, while railway throughput amassed US$ 356 million. From 2013 to 2014, trade by air and railway grew by 12.74 percent and 17.3 percent, respectively.
In addition to its booming import and export sector, Ningbo serves as one of China’s largest industrial locations. One of city’s most profitable industries is electromechanical product manufacturing. Over 30 percent of China’s total home electronic appliances are produced in Ningbo. In January of 2015 alone, Ningbo’s electromechanical product exports totaled US$ 5.99 billion, an increase of 10.9 percent from 2014 January.
Ningbo’s textile sector is responsible for 12 percent of the city’s total industrial production. Textile exports rose by 5.2 percent from January of 2014 to January of 2015, valuing at US$ 1.81 billion.
Additionally, Ningbo has grown into one of China’s largest garment production locations. Approximately 12 percent of all garments manufactured across China originate from Ningbo, and the city’s shoe, garment, and clothing accessories sectors accumulated US$ 1.73 billion worth of exports in the first month of the year.