Taizhou's foreign trade sees strong growth in August

Taizhou's foreign trade showed notable improvement in August, with total imports and exports reaching $2.21 billion, up 16.4 percent year-on-year and ranking second in the province.

Specifically, exports in August totaled $1.58 billion, placing Taizhou seventh in Jiangsu and up 20.7 percent year-on-year, ranking fourth in growth. Imports reached $630 million, also ranking seventh in the province, up 6.8 percent year-on-year and third in growth.

From January to August, Taizhou's cumulative foreign trade totaled $15.8 billion, ranking sixth in Jiangsu and up 0.4 percent year-on-year. Exports reached $11.46 billion (sixth in the province), while imports totaled $4.34 billion (seventh in the province).

Machinery and electrical products remained the city's export backbone, accounting for 70.5 percent of total exports. Ship exports reached $4.63 billion, up 1.6 percent, while exports of new energy vehicles, lithium batteries, and photovoltaic products totaled $350 million, up 9.6 percent.

In terms of markets, Taizhou's trade with Belt and Road partner countries reached $10.44 billion in the first eight months, up 10.8 percent and accounting for 66.1 percent of total trade. Trade with the European Union totaled $2.35 billion, up 0.6 percent and representing 14.9 percent of the total.

The city's top three trading partners were South Korea ($1.37 billion), the United States ($1.28 billion), and Brazil ($770 million).

General trade accounted for $8.53 billion (up 3.6 percent, 54 percent of total), while processing trade totaled $6.96 billion (down 2.7 percent, 44 percent of total).