Shanghai has demonstrated resilience and growth in its trade sector during the first seven months of 2024. Data released by Shanghai Customs reveals that the city's import and export activities surged to a total value of 2.46 trillion yuan ($345.19 billion), reflecting a modest 0.7 percent uptick compared to the corresponding period last year.

The city's exports stood at 1.01 trillion yuan, marking a healthy 2.2 percent increase, while imports amounted to 1.45 trillion yuan, experiencing a slight decline of 0.4 percent This resulted in a narrowed trade deficit of 431.18 billion yuan, down by 6 percent.

Nearly 60 percent of Shanghai's trade was conducted through general trade channels, demonstrating stability in this segment. General trade imports and exports totaled 1.47 trillion yuan, contributing to 59.6 percent of the city's overall trade value for the period.

Trade through bonded logistics routes saw a notable increase, reaching 643.97 billion yuan, with exports at 214.47 billion yuan and imports at 429.5 billion yuan. Conversely, trade via processing methods experienced a 2.9 percent decline.

The expansion of private enterprise trade activities was evident, with a 3.8 percent increase totaling 782.9 billion yuan, representing 31.8 percent of the total trade volume. State-owned enterprises also demonstrated robust growth, recording a notable 11.4 percent increase to 263.99 billion yuan.

Shanghai's trade relationships with various countries showcased mixed trends during this period. Trade with ASEAN countries expanded by 5 percent, while trade with South Korea and Switzerland witnessed significant growth. However, trade with the European Union and the United States experienced declines of 8 percent and 2.9 percent, with trade volumes amounting to 459.59 billion yuan and 271.6 billion yuan, respectively.

Shanghai's export sector saw notable successes, particularly in ship exports and labor-intensive product exports. On the import front, electromechanical products and metal ores and minerals showed varying growth rates, driven by specific factors within those industries.

Source: thepaper.cn, "China (Shanghai) Pilot Free Trade Zone" WeChat account