Shanghai's foreign trade showed strong resilience in July, up 9.5 percent year-on-year, despite global economic uncertainties.

According to Shanghai Customs, the city's total imports and exports in July reached 397.24 billion yuan ($54 billion), with exports surging 8.5 percent to 170.68 billion yuan, reaching a single-month peak for the year.

The city's focus on intelligence and innovation contributed to strong growth in exports like industrial robots, high-end machine tools, and lithium batteries.

The success of companies like Xreal, an AR startup, further enhances Shanghai’s position as a global innovation hub.

The green energy transition fuels demand for lithium batteries and new energy vehicles. SAIC Motor, a Shanghai-based automaker, has seen a 50-fold increase in lithium battery pack exports this year.

Market diversification is another driver of the strong foreign trade figure. The city's trade with countries involved in the Belt and Road Initiative grew 13.8 percent in July, accounting for nearly 40 percent of its total exports and imports.

Trade with emerging markets like ASEAN, the Middle East, and Africa grew 12.3 percent, 44.3 percent, and 55.5 percent in July, respectively.

Source: Shanghai Observer