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Shanghai's exports rise for first time in 14 months
By Wang Yanlin |
January 14, 2010, Thursday
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Online Edition
Online Edition
SHANGHAI'S trade grew strongly in December with exports rising for the first time in 14 months, reflecting stronger recovery in the city's economy, Shanghai Customs said today.
Exports in Shanghai jumped 23.5 percent from a year earlier to US$15.2 billion last month, the first rise since November 2008. It increased 13.1 percent from a month earlier and compared with a loss of 5.3 percent on an annual basis in November.
Imports climbed even further by an annualized surge of 49.5 percent to US$15.5 billion in December. Imports rose 26.7 percent in November, making December's jump the second increase since the global financial crisis eroded China's trade.
"The figures are quite encouraging as Shanghai plays a leading role in the rebound of China's exports," said Li Maoyu, an analyst at Changjiang Securities Co. "The strong growth in imports suggests a robust local demand and will consolidate the foundation for Shanghai's economic recovery."
Guangdong, Jiangsu, Shanghai and Zhejiang were the only four areas to report an export value above US$10 billion last month.
China's exports rose for the first time in 14 months in December to US$130.7 billion, up 17.7 percent from a year earlier. It wrapped up the total exports for 2009 at US$1.2 trillion.
Shanghai's exports in 2009 still fell 16.2 percent year on year to US$141.9 billion, battered by the fallout of the global financial crisis. The city's overall trade withdrew 13.8 percent from a year earlier to US$277.7 billion last year, with trade surplus standing at US$6.1 billion.
Exports in Shanghai jumped 23.5 percent from a year earlier to US$15.2 billion last month, the first rise since November 2008. It increased 13.1 percent from a month earlier and compared with a loss of 5.3 percent on an annual basis in November.
Imports climbed even further by an annualized surge of 49.5 percent to US$15.5 billion in December. Imports rose 26.7 percent in November, making December's jump the second increase since the global financial crisis eroded China's trade.
"The figures are quite encouraging as Shanghai plays a leading role in the rebound of China's exports," said Li Maoyu, an analyst at Changjiang Securities Co. "The strong growth in imports suggests a robust local demand and will consolidate the foundation for Shanghai's economic recovery."
Guangdong, Jiangsu, Shanghai and Zhejiang were the only four areas to report an export value above US$10 billion last month.
China's exports rose for the first time in 14 months in December to US$130.7 billion, up 17.7 percent from a year earlier. It wrapped up the total exports for 2009 at US$1.2 trillion.
Shanghai's exports in 2009 still fell 16.2 percent year on year to US$141.9 billion, battered by the fallout of the global financial crisis. The city's overall trade withdrew 13.8 percent from a year earlier to US$277.7 billion last year, with trade surplus standing at US$6.1 billion.
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