Shanghai Sets New Foreign Trade Records

Strong Exports of Green and Low-Carbon Products, EU Emerges as the Largest Trading Partner

In contrast to the overall trend of private enterprises dominating China's foreign trade, Shanghai, as the champion of national foreign trade, has long been led by foreign-funded enterprises. However, amidst the changing global economic landscape, this world-leading trading port city is witnessing a gradual rise in the proportion of private enterprises in foreign trade. With their consistently leading growth rates, private enterprises are becoming a key accelerator for the expansion of Shanghai's foreign trade. 

With the changing structure of foreign trade enterprises, Shanghai's total import and export value has reached a historical high of RMB 3.17 trillion, showing a YoY growth of 2.7%. Of this, exports amounted to RMB 1.3 trillion, reflecting a 3.9% increase, while imports reached RMB 1.87 trillion, with a growth of 1.8%. Concurrently, Shanghai has strengthened its trade ties with the European Union, now its largest trading partner. The total import and export value between Shanghai and the EU reached RMB 638.23 billion, growing by 5.4% and constituting 20.2% of the total trade value. Additionally, Shanghai's trade with other RCEP member countries, Japan, and Australia also saw growth, reaching RMB 1.04 trillion, RMB 292.15 billion, and RMB 175.99 billion, with growth rates of 0.9%, 1.4%, and 27.2%, respectively. 

In the first three quarters of this year, the export of green and low-carbon products continues to drive trade growth. Shanghai's 'New Three' products (electric passenger cars, lithium batteries, and solar cells) achieved an export value of RMB 130.37 billion, a remarkable YoY growth of 79.5%. Among them, electric passenger cars stood out with exports reaching RMB 93.6 billion, marking an impressive growth of 91.8%. Moreover, as the gap between China's shipbuilding industry and its international counterparts narrows, Shanghai's exports of liquid cargo ships, primarily LNG (liquefied natural gas) vessels, increased by 26.4% to reach RMB 7.31 billion.
  
In the dynamic realm of Shanghai's foreign trade, characterized by the ascent of private enterprises and the city's unprecedented trade accomplishments, Mail Boxes Etc.'s service assumes a crucial role for businesses in Shanghai. It addresses the growing need for efficient freight services, including precise cargo tracking, robust supply chain management, and adaptable logistics solutions tailored to diverse product categories and specific target markets.


(Photo: Adobe Stock)

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