Shanghai's foreign trade continued to expand steadily in August, with both imports and exports posting double-digit growth year-on-year.

According to Shanghai Customs, the city's total imports and exports reached 3.44 trillion yuan (about $510 billion) in the first eight months of this year, up 17.1 percent from the same period last year.

In August, despite the adverse effects of two typhoons, Shanghai's foreign trade maintained the growth momentum recorded over the previous seven months. Total imports and exports rose 13.1 percent year-on-year to 439.43 billion yuan. Exports climbed 16.1 percent to 212.43 billion yuan, while imports increased 10.5 percent to 227 billion yuan.

During the first eight months, Shanghai's general trade imports and exports totaled 1.98 trillion yuan, up 14 percent and accounting for 57.5 percent of the city's total foreign trade volume. Imports and exports through bonded logistics reached 1.03 trillion yuan, up 32.5 percent and equivalent to 30 percent of the total. The growth rate for bonded logistics trade was 18.5 percentage points higher than that of general trade, making it a key driver of Shanghai's foreign trade expansion.

From January through August, Shanghai's imports and exports with ASEAN totaled 546.2 billion yuan, up 30.6 percent. ASEAN has been the city's largest trading partner for four consecutive months. Trade with Vietnam and Singapore increased by 78.3 percent and 31.4 percent, respectively.

Shanghai's trade with South Korea amounted to 232.74 billion yuan, up 64.3 percent. Exports to South Korea reached 125.44 billion yuan, up 130 percent from a year earlier.

Following China's introduction in May of zero-tariff treatment for imports from 53 African countries with which it maintains diplomatic relations, Shanghai's imports from Africa rose 21.8 percent year-on-year to 53.62 billion yuan in August.

Meanwhile, exports to the United States increased 13.2 percent year-on-year to 164.69 billion yuan, marking continued growth since April.

Among major commodities, imports of metal ores and concentrates totaled 147.76 billion yuan, up 3.9 percent. Combined imports of crude oil and natural gas, two major energy products, reached 15 billion yuan, an increase of 18.9 percent.

Source: Shanghai Observer