Shanghai’s Jan-Oct foreign trade grows 5.3%

Shanghai’s Jan-Oct foreign trade grows 5.3%

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Shanghai’s Jan-Oct foreign trade grows 5.3%
Shanghai's foreign trade value grew 5.3% year-on-year to 3.46 trillion yuan (about US$483 billion) in the first 10 months of this year. Image by Leslin_Liu from Pixabay
  • Foreign trade value rises 5.3% y-o-y to 3.46 trillion yuan (about US$483 billion) in January-October this year
  • Exports grew 12.5% to 1.41 trillion yuan and imports rose 0.9% to 2.05 trillion yuan in January-October. Shanghai’s trade volume for the period was about 10% of China’s total
  • Foreign-funded firms accounted for 61.2% of foreign trade value, while private-sector imports and exports gained 13.6% y-o-y to become the city’s important growth engine

Shanghai, the financial and commercial hub of China, saw its foreign trade value grow 5.3% year on year to 3.46 trillion yuan (about US$483 billion) in the first 10 months of this year, Xinhua reported citing local customs sources.

Of the total, the city’s exports reached 1.41 trillion yuan, up 12.5%, while its imports grew 0.9% to 2.05 trillion yuan in the January-October period. Its trade volume during the period accounted for about 10% of China’s total, the report said.

Shanghai’s foreign-funded enterprises accounted for 61.2% of its foreign trade value, while imports and exports of its private sector gained 13.6% y-o-y to become the city’s important growth engine for foreign trade.

The city’s imports and exports to countries along the Belt and Road reached around 783 billion yuan, up 6.8%. Trade with the Association of Southeast Asian Nations grew 6.6% to about 467 billion yuan, Xinhua reported.

The report said exports of new energy products sustained a sound growth momentum during the first 10 months.

Exports of lithium-ion batteries, electric manned vehicles and solar cells totaled about 20 billion yuan, 65 billion yuan and 7 billion yuan, respectively, up 460%, 120% and 53% y-o-y, Xinhua reported.

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