Shanghai’s 10-Month Foreign Trade Outpaces China’s Average
Miao Qi
DATE:  Nov 21 2023
/ SOURCE:  Yicai
Shanghai’s 10-Month Foreign Trade Outpaces China’s Average Shanghai’s 10-Month Foreign Trade Outpaces China’s Average

(Yicai) Nov. 21 -- Shanghai’s imports and exports grew faster than the average among the Chinese mainland’s 31 provincial-level regions in the first 10 months of the year despite weakening external demand.

Shanghai’s foreign trade rose 1.9 percent to CNY3.51 trillion (USD494.2 billion) in the 10 months ended Oct. 30 from a year earlier, according to statistics released by Shanghai Customs yesterday. The average among Chinese provincial-level regions in the period was 0.03 percent.

The eastern Chinese city’s foreign trade with its biggest trade partner, the European Union, rose 5.3 percent to CNY711.2 billion (USD1.6 billion) in the first 10 months from the same period last year, accounting for 20.2 percent of the total value, up 0.7 percentage point in the period. Meanwhile, foreign trade with Australia and the UK grew 22 percent and 15 percent, respectively.

Imports rose 1.6 percent to CNY2.07 trillion between January and October from the same period last year, while the national average was a 0.5 percent decline. Exports jumped 2.3 percent to CNY1.44 trillion, compared with an average increase of 0.4 percent among Chinese provincial-level regions.

Shanghai’s export growth was mainly due to strong exports of cars, vessels, and other high-end manufacturing products. The city’s auto and vessel exports soared 50 percent and 26 percent, respectively, in the first 10 months from a year ago, driving the total exports up 3.6 percentage points.

Among new energy products, electric vehicle exports surged 67 percent to CNY108.6 billion, lithium-ion battery exports jumped 63 percent, and solar battery exports rose 14 percent.

Other products or industries with exports exceeding the national average in the period are cement and cement clinker, antibiotics, leather bags and similar containers, chemical fiber textile raw materials, and precious metal or precious metal jewelry. They logged export growths of 290 percent, 50 percent, 37 percent, 28 percent, and 106 percent, respectively.

Shanghai imported CNY473.6 billion worth of consumables in the first 10 months of the year, up 9.6 percent from a year ago and accounting for 23 percent of the total, driving import growth up 2 percentage points. Among them, jewelry, medical care products, and clocks and watches saw their imports soar 52 percent, 27 percent, and 17 percent, respectively.

In terms of commodities, Shanghai’s coal imports increased 19 percent, and iron sand imports rose 12 percent.

Editors: Tang Shihua, Futura Costaglione

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Keywords:   imports,exports