Shangahi Customs witnessed a year-on-year increase of 6.1 percent in imports and exports in the first seven months of this year, totaling 3.56 trillion yuan ($515.98 billion).
The European Union (EU) remained its largest trade partner. Trade with the EU up to the end of July accounted for 20.3 percent of the total amount of imports and exports. The United States was the second largest partner, to which the imports and exports reached 603.31 billion yuan, up by 0.2 percent year on year and accounting for 16.9 percent of the total volume. Exports to the US amounted to 458.28 billion yuan, up by 2.3 percent year on year and accounting for 22.5 percent of the total exports value in the first seven months, making US the largest export market.
However, imports from the US fell by 5.7 percent to 145.03 billion yuan compared to the same period last year. The US is the fifth largest source of imports.
Shanghai Customs analysts said that the overall growth of its imports and exports with trade partners such as the EU this year could be attributed to the recovery of the global economy, which to some extent counteracted the negative effect cause by Sino-US trade friction.
Shangahi Customs witnesses a year-on-year increase of 6.1 percent in the imports and exports in the first seven months of this year, totaling 3.56 trillion yuan. [Photo/VCG]
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