Shanghai's ship exports see considerable growth in Jan-Feb

SHANGHAI - Shanghai in East China exported 149 ships in the first two months of 2024, marking a remarkable increase of 112.9 percent year-on-year, according to Shanghai Customs.

During the same period, the total value of these exports reached 9.95 billion yuan ($1.4 billion), amounting to staggering year-on-year growth of 222.2 percent, the customs said.

The volume and value of ship exports from Shanghai, a key stronghold of China's shipbuilding industry, accounted for 15.9 percent and 20.6 percent, respectively, of the total national ship export volume and value in the first two months of 2024.

Among the exports, the value of ships exported to the European Union increased to 3.28 billion yuan, accounting for nearly one-third of Shanghai's total ship export value.

Last year, Shanghai's ship exports amounted to 44.5 billion yuan, up 48.8 percent compared to 2022.

According to statistics released by the China Association of the National Shipbuilding Industry, China's shipbuilding completion volume had totaled 42.32 million deadweight tons (DWT) in 2023, an increase of 11.8 percent compared to the previous year.

Additionally, new orders received in 2023 had amounted to 71.2 million DWT -- marking significant growth of 56.4 percent compared to 2022, it added.