In the first four months, the total value of Shanghai's foreign trade reached 1.39 trillion yuan ($191.84 billion), up 0.1 percent year on year, data from Shanghai Customs showed on May 23.
Taking a closer look, the city’s export value stood at 553.07 billion yuan, down 0.4 percent year on year, while import value reached 835.97 billion yuan, up 0.4 percent year on year.
The trade deficit was widened by 1.9 percent to 282.9 billion yuan.
In April, Shanghai's imports and exports rose by 4.2 percent year on year to 357.25 billion yuan.
General trade VS others
In the first four months, Shanghai's imports and exports under general trade amounted to 837.66 billion yuan, up 1.2 percent year on year. Among them, exports were 309.61 billion yuan, an increase of 2.8 percent; and imports were 528.05 billion yuan, an increase of 0.2 percent.
In the same period, imports and exports under bonded logistics totaled 359.68 billion yuan, experiencing a slight decrease of 0.2 percent year on year.
Processing trade amounted to 180.21 billion yuan, down 5 percent year on year. However, this decline narrowed by 2.9 percentage points compared to the first quarter.
Increased share for domestic companies
Domestic enterprises saw their share in Shanghai's foreign trade value continue to increase, while foreign-funded enterprises witnessed a slowdown in the decline of foreign trade.
In the first four months, Shanghai's private enterprises imported and exported goods and services worth 433.88 billion yuan, reflecting a 1.6 percent increase. This accounted for 31.2 percent of the city's total foreign trade value, marking a 0.5 percentage point increase.
State-owned enterprises imported and exported goods and services worth 158.71 billion yuan, a 7.3 percent increase. This accounted for 11.4 percent of the total, representing a 0.8 percentage point increase.
In the same period, foreign-invested enterprises imported and exported goods and services worth 795.84 billion yuan, a decrease of 1.8 percent. However, this decline narrowed by 1.4 percentage points compared to the first quarter.
ASEAN remains second-largest trading partner
In the first four months, Shanghai experienced a turnaround in its foreign trade with the Association of Southeast Asian Nations, and maintained double-digit growth in its trade with other BRICS countries.
During this period, Shanghai's imports and exports with ASEAN members amounted to 183.17 billion yuan, marking a 2.5 percent increase year on year, compared to a decline of 2.5 percent in the first quarter. This accounted for 13.2 percent of the city's total foreign trade value, positioning the ASEAN as the second-largest trading partner for Shanghai, following the European Union.
Imports and exports with the EU and the United States stood at 254.17 billion yuan and 152.66 billion yuan, respectively, representing a decrease of 9.9 percent and 3.2 percent. Together, they accounted for 29.3 percent of the total.
Imports and exports with other BRICS countries amounted to 134.25 billion yuan, reflecting a 16.1 percent increase. Among them, exports totaled 53.46 billion yuan, up 9.6 percent year on year, while imports reached 80.79 billion yuan, marking a 20.8 percent increase.
Shanghai's imports and exports with Switzerland skyrocketed by 41.5 percent, reaching 75.79 billion yuan.
Surge in ship exports
In the first four months, ship exports remained robust, while the export volume of labor-intensive products remained steady.
During this period, Shanghai's ship exports surged by 87.6 percent to 19.6 billion yuan, contributing to a 1.6 percentage point increase in the city's overall export growth.
Shanghai exported lithium-ion batteries by ship worth 14.83 billion yuan, marking an increase of 2.1 percent. Exports of integrated circuits reached 56.87 billion yuan, reflecting an increase of 3.5 percent, while exports of automatic data processing equipment and their parts amounted to 45.35 billion yuan, showing a 16.3 percent increase.
Shanghai saw a 3.7 percent growth in exports of labor-intensive products, totaling 55.82 billion yuan. Among these, textile and apparel exports reached 32.14 billion yuan, up 0.9 percent, while plastic products exports amounted to 11.71 billion yuan, marking an increase of 11.1 percent. Refined oil exports soared to 3.96 billion yuan, marking a 1.9-fold increase.
Increase in electronic components imports
Imports of key components for consumer electronics experienced rapid growth, while the increase in imports of textiles, clothing, and footwear accelerated.
In the first four months, Shanghai's imports of mechanical and electrical products saw a turnaround, reaching 335.79 billion yuan. This marked a shift from the 0.3 percent decline of the first quarter to a 2.9 percent increase.
Among these imports were integrated circuits, storage components, and flat panel display modules, totaling 99.49 billion yuan, reflecting a 13 percent increase.
In the same period, imports of textiles, clothing, and footwear amounted to 40.24 billion yuan, showing a 10.3 percent increase. This growth was 2.5 percentage points higher compared to the first quarter.
Additionally, imports of iron ore and its concentrates surged to 57.71 billion yuan, marking an increase of 22.8 percent.
Source: WeChat account "Shanghai Fabu"
