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Export declines slowing but situation still far from rosy
By Wang Yanlin |
September 16, 2009, Wednesday
|
Print Edition
Print Edition
SHANGHAI exports and imports declined at a slower rate in August, but the easing did little to dispel what analysts call a dismal outlook for the city's trade.
The exports fell 23 percent from a year earlier to US$12.1 billion, after a 24.1 percent slump in July, the Shanghai Customs reported yesterday. Imports slid 13.3 percent to US$11.5 billion, following a 14.8 percent drop the month earlier.
"The overall picture of Shanghai's trade is still gloomy despite the improvement in August data," said Xue Jun, an analyst at Changjiang Securities Co.
"It may not see a recovery any time soon because of uncertainties in the global economy," he said. "That may hamper the city's ability to achieve its 9 percent growth target this year."
Shanghai's gross domestic product grew 5.6 percent in the first half, mainly driven by local consumption and investment. The city recorded double-digit growth for 17 years till the economy hit the skids in 2008. The export decline was led by products in labor-intensive industries such as clothing, shoes and furniture, reflecting the higher costs of production in the city, Customs said.
Exports of clothing totaled US$1.46 billion in August, falling 5.3 percent from a month earlier.
"Shanghai must quicken its pace of manufacturing restructuring because we can't compete with domestic rivals and others on cost," said Dong Xian'an, an analyst at Industrial Securities Co. "Shanghai should develop further in high-tech areas such as green vehicles and biomedicine."
The European Union remained Shanghai's largest trading partner in August with bilateral trade volume of US$4.9 billion. That was down 26.9 percent on an annual basis. The EU was followed by the United States at US$4 billion, and Japan at US$3.2 billion.
In the first eight months of this year, Shanghai's trade retreated 22.3 percent to US$169.1 billion, according to Customs.
The exports fell 23 percent from a year earlier to US$12.1 billion, after a 24.1 percent slump in July, the Shanghai Customs reported yesterday. Imports slid 13.3 percent to US$11.5 billion, following a 14.8 percent drop the month earlier.
"The overall picture of Shanghai's trade is still gloomy despite the improvement in August data," said Xue Jun, an analyst at Changjiang Securities Co.
"It may not see a recovery any time soon because of uncertainties in the global economy," he said. "That may hamper the city's ability to achieve its 9 percent growth target this year."
Shanghai's gross domestic product grew 5.6 percent in the first half, mainly driven by local consumption and investment. The city recorded double-digit growth for 17 years till the economy hit the skids in 2008. The export decline was led by products in labor-intensive industries such as clothing, shoes and furniture, reflecting the higher costs of production in the city, Customs said.
Exports of clothing totaled US$1.46 billion in August, falling 5.3 percent from a month earlier.
"Shanghai must quicken its pace of manufacturing restructuring because we can't compete with domestic rivals and others on cost," said Dong Xian'an, an analyst at Industrial Securities Co. "Shanghai should develop further in high-tech areas such as green vehicles and biomedicine."
The European Union remained Shanghai's largest trading partner in August with bilateral trade volume of US$4.9 billion. That was down 26.9 percent on an annual basis. The EU was followed by the United States at US$4 billion, and Japan at US$3.2 billion.
In the first eight months of this year, Shanghai's trade retreated 22.3 percent to US$169.1 billion, according to Customs.
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