Shanghai Customs statistics released on August 26 show that both imports and exports in Shanghai achieved rapid growth in July.
In July, Shanghai’s exports reached 170.68 billion yuan, the highest monthly value this year, with a year-on-year increase of 8.5%. Exports have maintained positive growth every month this year. Imports totaled 226.56 billion yuan, growing by 10.3%, marking the first double-digit growth this year.
In July, the total import and export value of Shanghai was 397.24 billion yuan, an increase of 9.5%. This represents the sixth consecutive month of growth since February, with a growth rate 2.8 percentage points higher than the national average. Driven by the strong performance in July, the total import and export value for the first seven months reached 2.55 trillion yuan, growing by 3.4%, which is 1 percentage point higher than the growth rate in the first half of the year.
The growth rate of import and export by private enterprises continues to rise, injecting fresh vitality into Shanghai’s foreign trade. In July, the import and export value of private enterprises in Shanghai was 164.11 billion yuan, an increase of 35.7%, setting a new monthly record and reaching the highest growth rate this year. In the first seven months, the import and export value of private enterprises reached 982.38 billion yuan, growing by 25.5%, which is 1.9 percentage points higher than the growth rate in the first half of the year, accounting for 38.6% of the city’s total import and export value.
Shanghai’s trade partners are diversifying, with rapid growth in import and export to emerging markets. In July, Shanghai’s import and export with Belt and Road Initiative countries reached 158.78 billion yuan, an increase of 13.8%, accounting for nearly 40% of the city’s total foreign trade value. Import and export with emerging markets such as ASEAN, the Middle East, and Africa grew by 12.3%, 44.3%, and 55.5%, respectively. In the first seven months, Shanghai’s import and export with Belt and Road Initiative countries grew by 12.2%, while import and export with ASEAN, the Middle East, and Africa grew by 11.1%, 24.7%, and 34.6%, respectively.
In July, Shanghai exported 112.45 billion yuan worth of mechanical and electrical products, an increase of 5.2%. Among these, exports of industrial robots and high-end machine tools grew by 103.5% and 63.4%, respectively. Lithium battery exports reached 4.28 billion yuan, growing by 75.7%, with a significant increase in the proportion of higher value-added energy storage battery exports. In the first seven months, Shanghai exported 725.39 billion yuan worth of mechanical and electrical products, an increase of 3.9%. Exports of industrial robots, high-end machine tools, and lithium batteries grew by 17%, 35.9%, and 1.3%, respectively.
Steady and rapid growth in industrial production has driven rapid growth in the import of industrial raw materials and key components. In July, Shanghai’s imports of metal ores and concentrates, as well as unwrought copper and copper products, grew by 22.4% and 29.2%, respectively, driving growth of 7.3% and 15.8% in the first seven months. Imports of computer accessories, medical devices, and aircraft parts grew by 84.3%, 33.1%, and 35.5% in July, and by 44.9%, 10.4%, and 29.2% in the first seven months, respectively.
In addition, policy measures such as consumer goods trade-in programs and initiatives to boost consumption have continued to take effect, releasing market vitality and driving growth in imports of certain consumer goods. In July, imports of fresh and dried fruits, edible oils, and recreational sports equipment grew by 59.9%, 16.3%, and 29.4%, respectively. In the first seven months, imports of these goods grew by 12.9%, 6.4%, and 6.6%, respectively.
