Shanghai posts record trade deficit
Source: Xinhua |
January 20, 2012, Friday
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Print Edition
Print Edition
SHANGHAI reported a record trade deficit of US$17.9 billion in 2011, widening from US$7.3 billion in 2010, local customs said yesterday.
Shanghai's exports rose 16 percent year on year to US$209.8 billion while imports climbed at a faster pace of 21 percent to US$227.6 billion, Shanghai Customs said in a statement.
"The trade deficit showed China's opening-up has brought increased market opportunities for foreign businesses," said Luo Zhisong, an official of the Shanghai Municipal Commission of Commerce. "It also showed the strengths of China's economic growth and consumer spending."
Shanghai has trade deficits for most of the past 10 years except 2007, 2008 and 2009.
The agricultural sector contributed to US$7.6 billion of the deficit. Shanghai imported 129,000 tons of pork last year, 2.9 times more than in 2010. The city also imported more wine, olive oil, chocolate and fruits.
Last year, the city imported 50 percent more high-end products.
Shanghai's exports rose 16 percent year on year to US$209.8 billion while imports climbed at a faster pace of 21 percent to US$227.6 billion, Shanghai Customs said in a statement.
"The trade deficit showed China's opening-up has brought increased market opportunities for foreign businesses," said Luo Zhisong, an official of the Shanghai Municipal Commission of Commerce. "It also showed the strengths of China's economic growth and consumer spending."
Shanghai has trade deficits for most of the past 10 years except 2007, 2008 and 2009.
The agricultural sector contributed to US$7.6 billion of the deficit. Shanghai imported 129,000 tons of pork last year, 2.9 times more than in 2010. The city also imported more wine, olive oil, chocolate and fruits.
Last year, the city imported 50 percent more high-end products.
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