Shanghai, China – September 18, 2024 -Shanghai’s foreign trade maintained a steady pace in the first eight months of 2024, with total import and export value reaching 2.81 trillion yuan, according to data released by Shanghai Customs on Monday. This represents a 0.6% increase compared to the same period last year.
Exports grew by 2.9% to 1.17 trillion yuan, while imports declined by 1.1% to 1.64 trillion yuan, resulting in a trade deficit of 465.96billion yuan, a 9.8% decrease from the previous year.
General Trade and Bonded Logistics Drive Growth
General trade and bonded logistics played a significant role in the positive performance. General trade, accounting for 59.8% of total trade, saw a 0.5% increase, reaching 1.68 trillion yuan. Exports through this channel grew by 4.7%, while bonded logistics recorded a 1.3% increase, reaching 727.53 billion yuan.
Processing TradeShows Signs of Recovery
Processing trade, which declined by 2.2% to 375.97 billion yuan, showed signs of recovery with a narrowed decline compared to the previous seven months.
Private Enterprises Lead Growth, State-Owned Enterprises Show Strong Performance
Private enterprises continued to be adriving force in Shanghai’s foreign trade, with their total import and export value reaching 909.46 billion yuan, a 5.7% increase, accounting for 32.4% of the total.
State-owned enterprises also demonstrated strong growth, with their trade value reaching 292.62 billion yuan, a 6.2% increase, accounting for 10.4% of the total.
Foreign-invested enterprises saw a 2.8% decline in their trade value, reaching 1.6 trillion yuan, accounting for 57.1% of the total.
Trade with Belt and Road Countries Shows Strong Growth
Trade with countries participating in the Belt and Road Initiative continued to grow, with a 4.3% increase in the first eight months, reaching 999.87 billion yuan. This represents a 0.8 percentage point increase compared to the previousseven months.
Trade with ASEAN Shows Steady Growth, Trade with EU and US Shows Signs of Stabilization
Trade with ASEAN countries saw a 4.4% increase, reaching 370.75 billion yuan. Trade with the European Union and the United States declined by 6.9% and1.9% respectively, reaching 530.93 billion yuan and 313.31 billion yuan. However, the decline in trade with both regions narrowed compared to the previous seven months.
Trade with Japan, Taiwan, and South Korea saw a 4.5% decline,a 13.8% increase, and a 12.4% increase respectively, reaching 246.29 billion yuan, 172.08 billion yuan, and 143.87 billion yuan.
Machinery and Electrical Products Remain Dominant, Labor-IntensiveProducts Show Growth
Machinery and electrical products remained the dominant export category, accounting for 68.6% of total exports. This sector saw a 2.3% increase, reaching 803.54 billion yuan. Notably, exports of automatic data processing equipment and parts, as well asships, saw significant growth, reaching 925.3 billion yuan and 438.6 billion yuan respectively.
Labor-intensive products also saw growth, reaching 1265.5 billion yuan, a 7% increase, accounting for 10.8% of total exports.This sector saw strong growth in textile products, furniture, and plastic products.
Electronic Information Product Parts Drive Import Growth, Iron Ore Remains Strong
Imports of machinery and electrical products saw a 0.7% increase, reaching 6961.9 billion yuan, accounting for 42.5%of total imports. Notably, imports of electronic information product parts, such as storage components, central processing units, and flat panel display modules, saw significant growth. Imports of automobiles, however, declined by 21.9%, reaching 418 billion yuan.
Iron ore and concentrates, unrefined copper, andunrefined aluminum continued to see strong growth, reaching 1095.1 billion yuan, 347.5 billion yuan, and 97.3 billion yuan respectively.
Overall, Shanghai’s foreign trade continues to demonstrate resilience and adaptability in the face of global economic challenges. The growthin general trade, bonded logistics, and trade with Belt and Road countries, coupled with the recovery in processing trade and the strong performance of private and state-owned enterprises, point towards a positive outlook for Shanghai’s foreign trade in the coming months.
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