Shanghai exports soar to record high, fueled by new engines

Shanghai's exports soared 18.2 percent year-on-year to a record high of 186.6 billion yuan ($26.5 billion) in November, as per the data released by the city's customs on Thursday.

With its imports growing by 4.4 percent year-on-year, Shanghai's total import and export value surged 10.6 percent to nearly 387.5 billion yuan in November. With this, the city registered a total import and export value of 4.1 trillion yuan in the first 11 months of the year, up 5.7 percent on a yearly basis and 2 percentage points higher than the national average growth rate.

Emerging markets have become key drivers for Shanghai's foreign trade. Its import and export value with the Association of Southeast Asian Nations grew by 12.6 percent year-on-year to about 584.7 billion yuan in the first 11 months. Its trade value with the Middle East and Africa rose 17.5 percent and 28.9 percent, respectively, during the same period to 145.8 billion yuan and 135.8 billion yuan, respectively.

The upgrading of export growth engines has become increasingly noticeable. The value of exported electrical and mechanical products gained 6.3 percent year-on-year to 1.19 trillion yuan, accounting for 65.4 percent of Shanghai's total export value over the past 11 months. Hybrid vehicle exports amounted to over 25.7 billion yuan, showing a year-on-year spike of 174.8 percent. Exports of liquid cargo ships surged 130.5 percent to 34.2 billion yuan, reflecting the city's green and low-carbon transition.

The growth in the imported high-tech products and their production materials has mirrored Shanghai's robust industrial activities. The city imported over 737.2 billion yuan of high-tech products in the first 11 months, up 6.3 percent from a year earlier. Among this, the growth rate for semiconductor production equipment, computers and their components, as well as aircraft, jumped 35.4 percent, 24 percent, and 74.3 percent, respectively.