- ‘New three’ exports — electric vehicles, batteries and solar panels — drive a sharp surge in Zhejiang’s trade expansion.
- Private firms and emerging markets help drive resilience as global demand for green and advanced manufacturing rises.
Trade expanded at double-digit rates in Zhejiang in the first two months of the year, driven by surging overseas demand for electric vehicles, batteries and solar products, customs data show.
As one of China’s key trade hubs, Zhejiang’s exports and imports rose 17.1% year-on-year to 989 billion yuan ($137 billion) in the first two months of 2026, highlighting continued momentum in China’s export engine amid strong global demand for clean energy and advanced manufacturing.
Exports climbed 21.4% to 768.5 billion yuan, one of the fastest growth rates among China’s major coastal regions, while imports edged up 4.3%, according to Hangzhou Customs.
A surge in the so-called “New Three” — electric vehicles, lithium-ion batteries and solar panels — drove much of the expansion.
Exports in the category jumped 47.4%, with EVs and batteries more than doubling. Shipments of industrial robots and electric control equipment rocketed over 40%, while wind power equipment exports tripled.
The gains reflect sustained global demand linked to the energy transition, as well as rising investment in artificial intelligence and advanced manufacturing.
Traditional labor-intensive exports also remained resilient, increasing 22.1% to more than 231 billion yuan despite mounting geopolitical tensions and trade restrictions.
Broader market diversification helped offset external risks. Trade with the European Union rose 19.8% to 156.39 billion yuan, while exchanges with emerging markets — including Southeast Asia and Africa — expanded 38.6% and 36.5%, respectively. Trade with Belt and Road partner countries grew 20.5% to 572.78 billion yuan.
Private enterprises continued to dominate, with trade rising 20.5% to 827.1 billion yuan and accounting for 83.6% of the province’s total turnover. Zhejiang is long recognized as a vibrant hub for private enterprise.
Imports showed steady expansion, led by machinery, electronics and consumer goods, pointing to stable domestic demand. Machinery and electronics imports rose 16% to 34.79 billion yuan, while consumer goods 24.46 billion yuan, up 13% from a year earlier. Food imports leaped nearly 20%.
Nationwide, China’s total goods trade grew 18.3% to 7.73 trillion yuan in the same period, with both exports and imports posting double-digit gains, according to China Customs data.
