- Province’s January–May exports hit 1.79 trillion yuan, driven by rapid expansion in emerging markets and green tech shipments
- Electronics, electric vehicles and renewables lead outbound surge as import demand for chips and components accelerates
Zhejiang’s foreign trade rose 6.2% year-on-year to 2.38 trillion yuan ($352 billion) in the first five months of 2026, supported by resilient exports and faster growth in imports, as the coastal manufacturing hub deepened its shift toward emerging markets and high-tech goods.
Exports totaled 1.79 trillion yuan, up 6.0%, while imports rose 6.9% to 584.85 billion yuan, according to provincial customs data.
The province accounted for 11.5% of China’s total trade, including 15.0% of exports and 6.7% of imports.
ASEAN a key driver
Trade with the Association of Southeast Asian Nations (ASEAN) emerged as a key driver. Zhejiang’s imports and exports with ASEAN members reached 418.73 billion yuan, up 24.3% year-on-year.
In May alone, exports to ASEAN reached 68.49 billion yuan, surpassing the European Union to become the province’s largest overseas market.
Trade with other emerging regions also expanded, with imports and exports to Latin America, Africa and Central Asia rising 4.7%, 15.4% and 12.6%, respectively.
Imports from Africa surged 33.7% in May, boosted by zero-tariff policies.
Higher value, greener exports
Export momentum continued to tilt toward higher-value and greener products. Shipments of machinery and electronics reached 847.39 billion yuan, up 5.9%, while high-tech exports rose 19% to 169.04 billion yuan. High-end equipment exports climbed 20.3%.
So-called “New Three Products” — electric vehicles, lithium batteries and solar products — increased 51.7% in export value, while exports of wind turbines and related parts surged 119.2%.
Electric vehicle exports alone reached 8.18 billion yuan in May, a record high.
Jump in IC, display imports
On the import side, demand linked to industrial upgrading strengthened. Zhejiang imported 68.811 million tons of metal ores and concentrates, up 11.6%, while imports of machinery and electronic products rose 21.4% to 103.86 billion yuan.
Integrated circuits and flat panel display modules jumped 43.1% and 229.3%, respectively, reflecting accelerating industrial automation and digitization.
Private sector remains the backbone
The province’s trade base also broadened further. The number of firms with actual import-export activity reached 122,000, up 15.1% year-on-year.
Private companies accounted for 115,000 of these, up 16%, and transacted 1.96 trillion yuan worth of goods, representing 82.4% of the total and contributing 5.8 percentage points to overall growth.
