Shanghai posts 4.6% rise in trade in 2014
Print Edition
SHANGHAI’S trade rose 4.6 percent from a year earlier in 2014, stronger than the national growth for the first time since 2010, due to the pilot free trade zone, Shanghai Customs said yesterday.
The city’s trade value amounted to 2.9 trillion yuan (US$467 billion) last year. The growth rate compared with the national average of 2.3 percent last year.
The China (Shanghai) Pilot Free Trade Zone posted an 8.3 percent jump in imports and exports to 762.4 billion yuan, contributing nearly half to Shanghai’s overall trade growth, customs data showed.
“The pilot free trade zone has served as an engine to stabilize and bolster the city’s trade,” said Zheng Jugang, a spokesman for Shanghai Customs. “The faster growth in imports also pointed to the city’s efforts in industrial restructuring and a shift to a consumption-led economy.”
Shanghai’s imports rose 6.9 percent to 1.6 trillion yuan last year, faster than the export growth of 1.9 percent and resulted in a trade deficit of 283.5 billion yuan.
The import of consumer goods surged 29.4 percent in 2014, helped by programs in the free trade zone such as sales of duty-free food and other products.
The value of imported cars climbed 36.8 percent, and was expected to grow even faster this year with the approval to sell “parallel import” vehicles in the zone. Parallel imports allow car dealers to import cars directly from abroad instead of through carmakers’ trading companies.
Shanghai’s trade with the European Union grew 12 percent last year, and that with the United States added 2.8 percent. Trade with Japan fell 2.1 percent, customs data showed.
In December alone, Shanghai’s trade rose 8 percent to a record high of 264.8 billion yuan.
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