New energy vehicles await export along the Hangzhou section of the Beijing–Hangzhou Grand Canal on Nov 10, 2025. [Photo/IC]

Zhejiang's total imports and exports reached 4.6 trillion yuan (about $648 billion) in the first 10 months of the year, up 5.3 percent and outpacing the national average by 1.7 percentage points, according to Hangzhou Customs.

Exports rose 6.9 percent to 3.47 trillion yuan, while imports edged up 0.4 percent to 1.13 trillion yuan. The province accounted for 12.3 percent of China's total trade, ranking third nationwide, and 15.7 percent of national exports, ranking second.

ASEAN overtook the EU for the first time to become Zhejiang's largest trading partner. Trade with ASEAN reached 710.6 billion yuan, up 16.2 percent and representing 15.4 percent of the province's total. The EU followed at 702.94 billion yuan, up 7.5 percent.

Trade with the Middle East, Latin America, and Africa grew 3.3 percent, 2.6 percent, and 10.1 percent, respectively.

Private firms remained the main engine. Zhejiang had 124,000 companies with import-export activity during the period, up 8.6 percent. Of these, 116,000 were private firms, whose trade rose 6.9 percent to 3.78 trillion yuan, accounting for 82.1 percent of the provincial total.

Imports continued to shift toward higher-tech goods. Mechanical and electrical imports reached 197.44 billion yuan, up 21.4 percent, with automatic data processing equipment and components surging 46.8 percent. High-tech product imports rose 26.1 percent, including a 45.7 percent jump in advanced equipment.