Foreign trade
Zhejiang province recorded a significant increase of 52.05 per cent in total trade in the year 2000, during which year import and export value grew from US$18.305 billion in 1999 to US$27.834 billion.
The province's total export value hit a high of US$19.444 billion, an increase of 51.06 per cent from US$12.871 in 1999. This was equal to 26.7 per cent of Zhejiang's GDP, which amounted to RMB603.0 billion (US$72.823 billion), and to 7.8 per cent of the total export value of the country.
Of the total export earnings, 10.06 per cent, or US$1.955 billion, came from the export of primary goods, while the remaining 89.94 per cent (US$17.488 billion), was generated from the export of manufactured goods. The USA and Japan were the province's largest export destinations and had a combined share of 35.72 per cent in the total export value. The total share of the top five export markets (see Table 7.11.2) dropped from 66.83 per cent in 1995 to less than 50 per cent, an indication that the province has a more diversified structure of trade partners than in the past.
| Country/region | Export value (US$ million) | % of export total |
|---|---|---|
| 1995 | ||
| Hong Kong | 1,981.32 | 23.46 |
| Japan | 1,840.57 | 21.79 |
| USA | 1,115.94 | 13.21 |
| Germany | 384.06 | 4.55 |
| Republic of Korea | 322.93 3 | .82 |
| Total | 5,644.82 | 66.83 |
| 2000 | ||
| USA | 3,626.03 | 18.65 |
| Japan | 3,319.33 | 17.07 |
| Hong Kong | 1,198.61 | 6.16 |
| Germany | 872.20 | 4.49 |
| Republic of Korea | 652.22 | 3.35 |
| Total | 9,668.39 | 49.72 |
The increase in import in 2000 was as impressive as for export. Import value totalled US$8.390 billion in 2000, up by 54.39 per cent over US$5.434 billion in 1999. Of the total import value, 24.21 per cent came from primary goods, which amounted to US$2.031 billion, and 75.79 per cent (US$6.359 billion) came from manufactured goods. Japan remained the biggest supplier of the province's import needs, accounting for a little over 20 per cent of total import. The top five import origins (see Table 7.11.3) played a significant role in the province's import, comprising 61.49 per cent of total import, although this was down on the 1995 total of 67.04 per cent.
| Country/region | Import value (US$ million) | % of import total |
|---|---|---|
| 1995 | ||
| Japan | 612.17 | 19.87 |
| Hong Kong | 599.24 | 19.45 |
| Republic of Korea | 388.42 | 12.61 |
| USA | 316.26 | 10.27 |
| Indonesia | 149.14 | 4.84 |
| Total | 2,065.23 | 67.04 |
| 2000 | ||
| Japan | 1,740.13 | 20.74 |
| Taiwan Province | 1,016.16 | 12.11 |
| USA | 979.99 | 11.68 |
| Republic of Korea | 922.20 | 10.99 |
| Germany | 500.49 | 5.97 |
| Total | 5,158.97 | 61.49 |
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