Shanghai exports hit record high amid trade surge

Shanghai's foreign trade continued its upward trajectory in August, with exports surpassing 180 billion yuan ($25.3 billion) for the first time to reach 183.08 billion yuan, up 17.1 percent year-on-year.

The city's total import and export value for the month hit 387.43 billion yuan, marking the seventh straight month of growth.

The surge was driven by strong demand from emerging economies and increased shipments of high-end and eco-friendly products.

Exports to Africa, ASEAN, the Middle East, and India collectively rose by 45 percent year-on-year to 53.74 billion yuan in August.

By product, exports of ships and marine engineering equipment skyrocketed 1,060 percent, while construction machinery exports climbed 72.8 percent.

The global shift toward green energy also boosted exports of electric vehicles, lithium batteries, and photovoltaic products, which grew 37.1 percent, 112.1 percent, and 39 percent, respectively.

At the same time, exports of high-end machine tools and advanced equipment — showcasing Shanghai's manufacturing strength — both registered double-digit growth.

For instance, CHINT Electric reported an 88.9 percent surge in exports to countries involved in the Belt and Road Initiative in the first eight months of the year, totaling 1.45 billion yuan. This included a shipment of transformers valued at 5.605 million yuan to Europe.

Government support also played a role, with 245 enterprises participating in 38 overseas promotional exhibitions organized by the Shanghai Municipal Commission of Commerce, securing intended contracts worth $23.68 million.

 Source: Jiefang Daily