Imports and exports continue to rise in Shanghai

The total import and export volume registered at Shanghai Customs District came in at 6.41 trillion yuan ($971.5 billion) in 2018, up 7.3 percent year-on-year, according to official data released on Wednesday.

Exports in Shanghai grew six percent year-on-year to reach 3.71 trillion yuan, while imports increased 9.2 percent to 2.7 trillion yuan.

Imports and exports conducted by foreign-invested companies in Shanghai totaled 3.51 trillion yuan in 2018, up four percent from a year earlier. They accounted for the majority, 54.7 percent, of all imports and exports registered at the municipal customs district.

Privately owned enterprises contributed 31.2 percent, up from 29.7 percent in 2017, with the total figure coming in at 2 trillion yuan. State-owned enterprises saw their total rise 8.7 percent to 889.6 billion yuan.

The European Union was the largest trade partner with Shanghai in 2018, with their total imports and exports up 5.3 percent year-on-year to 1.31 trillion yuan. The United States came in at the second place, with a total of 1.12 trillion yuan, up 4.5 percent on 2017.

Mechanical and electrical products were the largest export item in Shanghai last year, with the total value increasing 5.1 percent from 2017, reaching 2.11 trillion yuan and accounting for 56.9 percent of total exports.

The import of high-tech products continued to increase, reaching 902.5 billion yuan, up 9.5 percent. Integrated circuits were the most imported item, with a total value reaching 431.3 billion yuan, up 11 percent year-on-year.