Cargo ships load and unload containers at a terminal of Ningbo-Zhoushan Port in Zhejiang province, on Sept 9, 2025. [Photo/IC]

Zhejiang's foreign trade reached 4.17 trillion yuan ($585.12 billion) in the first three quarters of 2025, up 6.2 percent year-on-year, according to Hangzhou Customs.

Exports totaled 3.16 trillion yuan, an increase of 8.3 percent, while imports rose 0.2 percent to 1.01 trillion yuan. It was the first time that the province's total trade, exports, and imports all surpassed 4 trillion, 3 trillion, and 1 trillion yuan, respectively, during the same period, setting new record highs.

Private enterprises continued to play a dominant role in sustaining growth. The number of trading firms with import and export activities exceeded 120,000, including 112,000 private companies — about 8,000 more than last year — accounting for 82 percent of the province's total trade value.

Private exporters led all categories with a 9.4 percent growth rate, contributing 96.6 percent of the province's export expansion. Foreign-invested companies posted a total trade of 513.43 billion yuan, up 3.5 percent year-on-year.

The European Union remained Zhejiang's largest export market, with exports reaching 559.8 billion yuan, up 10.4 percent year-on-year. The Association of Southeast Asian Nations was the fastest-growing destination, with exports increasing 16.8 percent during the period.

Imports continued to improve in both quality and diversity.

The province imported 175.23 billion yuan of mechanical and electrical products and 84.52 billion yuan of high-tech goods, up 20.3 percent and 27.4 percent, respectively. Aircraft imports surged 130 percent, while computers and components rose 51.1 percent. Agricultural imports climbed 10.9 percent to 91.48 billion yuan, while imports of crude oil and coal also recorded steady growth.