A view of the Chuanshan port zone at Ningbo-Zhoushan Port, Zhejiang province. [Photo by Liao Yuting/chinadaily.com.cn]

Zhejiang's foreign trade surged to 844.72 billion yuan ($116.62 billion) in the first two months of 2025, marking a 3.3 percent year-on-year increase and setting a new record for the period, according to Hangzhou Customs.

Exports reached 633.24 billion yuan, up 5.5 percent, while imports totaled 211.48 billion yuan, down 3.0 percent, both outperforming national averages.

Zhejiang's top three trading partners — the European Union, the United States, and ASEAN — saw robust growth, with trade volumes rising by 9.4 percent, 6.8 percent, and 9.8 percent, reaching 130.53 billion, 116.46 billion, and 115.39 billion yuan, respectively.

Trade with countries participating in the Belt and Road Initiative expanded 2.7 percent to 470.67 billion yuan, now representing over 55 percent of the province's total trade.

Driven by strong global demand, Zhejiang's exports of mechanical and electrical products climbed 6.9 percent to 300.47 billion yuan, nearly half of total exports. Household appliances and auto parts posted double-digit growth, while automobile exports soared 21.7 percent. The province also saw a sharp rise in exports of industrial robots, up 25.1 percent.

On the import side, high-tech and energy products drove growth. Zhejiang imported 15.37 million metric tons of energy products, a 17.5 percent increase, while high-tech product imports rose 28.7 percent. Advanced equipment imports surged 39.8 percent, and new materials grew 48.8 percent.

Private enterprises continued to dominate, accounting for 686.06 billion yuan in trade, up 3.9 percent. Exports from privately owned businesses increased 5.0 percent to 539.69 billion yuan, while imports held steady. Foreign-invested enterprises also showed resilience, reporting 105.21 billion yuan in total trade, with exports growing 6.5 percent.