Taizhou in East China's Zhejiang province experienced significant growth in foreign trade from January to July, with a total import and export value of 171.30 billion yuan ($23.84 billion), a 10.8 percent increase year-on-year, according to Taizhou Customs on Aug 18.

Exports reached 156.69 billion yuan, marking an 11.2 percent increase, while imports grew 6.9 percent to 14.61 billion yuan. Export growth ranked fourth in the province, and import growth ranked third.

The city's trade landscape experienced a shift as the ASEAN market surged while the United States market declined. During this period, the European Union, ASEAN, and the US were Taizhou's top three markets, with exports of 38.21 billion yuan, 20.78 billion yuan, and 20.04 billion yuan, respectively. Exports to the EU rose 12.2 percent, ASEAN jumped 26.4 percent, while the US dropped 12.8 percent. Emerging markets also gained traction, with exports to Belt and Road partner countries reaching 82.62 billion yuan, up 15.8 percent.

Mechanical and electrical products continued to be the main driver, totaling 93.23 billion yuan, up 10.8 percent and accounting for nearly 60 percent of exports. Auto parts exports grew 19.9 percent, and ship exports surged 78.7 percent. In contrast, labor-intensive goods fell 7.4 percent, while high-tech products saw a slight increase of 0.8 percent.

A total of 8,962 enterprises were engaged in foreign trade, an increase of 755 from the year prior. Private companies contributed 156.16 billion yuan, accounting for more than 91 percent of total exports. ASEAN markets and the machinery sector emerged as key growth drivers, with private firms playing a significant role in the city's resilience.