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July 21, 2017

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Shanghai’s H2 foreign trade set to be strong

SHANGHAI’S foreign trade is set to remain strong in the second half of the year but the pace of growth may slow amid global economic uncertainty and slower gains of commodity prices, local customs said yesterday.

The recovery of global demand as well as demand by Shanghai consumers and higher commodity prices have boosted the city’s foreign trade to double digit in the first six months, the first since 2012, said Zheng Jugang, vice director and spokesman of Shanghai customs.

Shanghai’s foreign trade in the first six months jumped 18.7 percent from a year earlier to 1.55 trillion yuan (US$228 billion), reversing a 0.4 percent drop in the same period last year, according to official data.

The growth accounted for 11.7 percent of China’s total foreign trade in the first half year.

Imports surged 23.7 percent to 926.71 billion yuan while exports rose 12 percent to 626.59 billion yuan.

Imports and exports through the city’s free trade zone took up over 40 percent of Shanghai’s total foreign trade.

Exports of machinery and electronics accounted for 70.6 percent of Shanghai’s total exports in the first half, up 1.2 percentage points from the same period last year.

Integrated circuits, automobiles, and pharmaceuticals are the three largest categories of imported products.

Zheng said the strong trend in the first half is set to continue in the second half, but Brexit, US interest hikes, and elections in European countries add to economic uncertainties globally.


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