Shanghai’s exports buck nationwide drop
Print Edition
Shanghai’s exports rose 2.7 percent from a year earlier in September, bucking the 0.3 percent fall nationally, and hopes are high that more global companies will come here after the city opened a free trade zone.
Exports increased to US$18.4 billion last month, according to the Shanghai Statistics Bureau. The city’s imports grew 5.3 percent to US$21.4 billion.
“With Shanghai making trade more convenient, a growing number of companies will choose the city as an entry and exit base for their products,” said Xue Jun, an analyst with CITIC Securities Co.
Last month, Shanghai inaugurated its pilot 29-square-kilometer FTZ in the Pudong New Area with the promise of many milestone innovations, including easing curbs on foreign investment, further opening of the service sector and deepening financial reforms.
Several tools, such as export credit insurance, also helped boost the city’s exports. Shanghai’s export credit insurance gained 16 percent from a year earlier to US$16.6 billion in the first nine months, according to the Shanghai Branch of the China Export and Credit Insurance Corp.
As a tool, the export credit insurance can protect companies’ foreign receivables and is widely used in international trade and investment.
Shanghai’s exports to the United States surged 14.5 percent year on year in September, although shipments to the European Union fell 6.5 percent. Meanwhile, the city’s exports of high-tech products jumped 13.5 percent last month.
Shanghai’s Consumer Price Index, the main gauge of inflation, grew 2.5 percent from a year earlier in September. The pace accelerated from the increase of 2.1 percent in August but was lower than the average increase of 3.1 percent nationwide.
In the first three quarters, Shanghai’s inflation rose 2.2 percent year on year.
The bureau also said the city’s fixed-asset investment gained 11.1 percent in the first nine months, with the investment in real estate surging 20.7 percent.
Shanghai’s economy grew 7.7 percent year on year to 1.02 trillion yuan (US$164 billion) in the first six months. The rate eased from the 7.8 percent gain in the first three months but was above the national average of 7.6 percent in the period.
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