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Trade grows
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ZHEJIANG Province’s trade reached a monthly record of 205.84 billion yuan (US$33.45 billion) in July despite a drop in imports, according to Hangzhou Customs. It increased 7.7 percent from a year earlier.
Exports rose 13.7 percent to 164 billion yuan in July. Despite the healthy gain, the rise was below the national average of 14.1 percent. It was the first time Zhejiang’s exports gained at a slower pace than the national average since March. Imports dropped 10.6 percent to 41.83 billion yuan in July. It was the fifth straight monthly drop.
Exports by shipbuilders dropped 28.9 percent in the first seven months to record the worst performance among traditional export industries.
“The sharp drop was due to excessive capacity in the shipbuilding industry and a tough financing market, which means a quick turnaround is unlikely,” according to Hangzhou Customs.
Among imports, the advanced technology sector did the best, amounting to 28.62 billion yuan in the first seven months.
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