Shanghai's exports growing 12.5% in first 10 months, boosted by new-energy products: data
Published: Nov 22, 2022 03:04 PM Updated: Nov 22, 2022 02:58 PM
NEVs ready for export in Shanghai Photo: VCG

NEVs ready for export in Shanghai Photo: VCG

In the first 10 months this year, Shanghai’s export volume reached 1.41 trillion yuan ($197.2 billion), an increase of 12.5 percent year-on-year, boosted by surging exports of new-energy products.

Booming exports of new-energy products speak volume of the competitiveness of China's new-energy industry. Benefiting from the continued enhancement of Shanghai's high-end manufacturing, domestic new-energy products are increasingly welcomed in the international market.

Data published by Shanghai’s customs revealed that from January to October, the city exported 958.08 billion yuan worth of mechanical and electronic products, an increase of 11.4 percent. Figures revealed that the export volume of lithium-ion batteries rose 4.6 times to 19.99 billion yuan; that of electric passenger cars stood at 65.02 billion yuan or growing 120 percent. The export volume of solar cells rose by 53 percent to reach 7.03 billion yuan.

In the first 10 months of the year, the city’s foreign trade maintained stable growth, with total import and export value reaching 3.46 trillion yuan, an increase of 5.3 percent over the same period last year, accounting for 10 percent of the country's total.

From January to October, Shanghai's import and export to countries along the Belt and Road Initiative reached 782.85 billion yuan, an increase of 6.8 percent.
The city's foreign trade with ASEAN totaled 466.54 billion yuan, up 6.6 percent. The growth rate was higher than other traditional trading partners including the EU, the US and Japan, fully demonstrating the resilience and potential of China's economic and trade cooperation with ASEAN, amid profound changes in the external environment.

According to customs, trade value of foreign-invested enterprises reached 2.12 trillion yuan, an increase of 5.1 percent.

Shanghai has issued guidelines aimed at promoting foreign trade to maintain stability and improve quality, requiring relevant departments to ensure the stability of foreign trade enterprises, increase international trade financial services as well as promote the optimization of foreign trade structure, which has effectively stimulated market vitality and promoted the recovery of foreign trade development momentum.

At the same time, the city’s private enterprises are expanding into international markets. In the first 10 months the year, trade value of private businesses reached 1.01 trillion yuan, up 13.6 percent, becoming an important force in Shanghai's foreign trade.

Global Times