In the initial three quarters of this year, Shanghai’s foreign trade has displayed promising signs, as reported by local customs. The city’s combined imports and exports have reached an impressive 3.17 trillion yuan, equivalent to approximately 441.6 billion U.S. dollars, marking a significant 2.7 percent increase compared to the same period last year.
Examining the specifics, Shanghai’s export sector experienced a commendable year-on-year growth of 3.9 percent, amounting to 1.3 trillion yuan. Simultaneously, imports into the city saw a notable uptick of 1.8 percent, reaching 1.87 trillion yuan, as indicated by data from Shanghai Customs.
Shanghai’s trade relations with the European Union have been particularly robust during this period, totaling 638.23 billion yuan. This represents a notable 5.4 percent year-on-year increase and accounts for 20.2 percent of the city’s total foreign trade volume within this timeframe.
In the initial three quarters of 2023, Shanghai made remarkable strides in the export of emerging products, including electric vehicles, lithium batteries, and solar cells. The city exported a substantial 130.37 billion yuan worth of these items, reflecting an impressive year-on-year surge of 79.5 percent. This category now constitutes 10 percent of the city’s total export value.
On the import front, Shanghai imported 422.23 billion yuan worth of consumer goods, which demonstrated a commendable year-on-year growth of 9 percent. This substantial figure accounts for 22.6 percent of the city’s total import value, indicating a healthy demand for consumer products in the region.