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Shanghai customs posts biggest export decline in two and a half years

Author: Posttime:2012-08-21 10:22:41

SHANGHAI customs' recorded a year-on-year decline of 8.6 per cent in peak season of July in export volume to US$43.78 billion, which was the largest annual decrease since November 2009, reports Xinhua.

The fall was caused by the European market depression. During the first seven months, Shanghai customs' trade cargo to and from Europe dropped 4.2 per cent to $96.73 billion. Exports shrank 10.6 per cent to $54.75 billion, but imports grew 5.7 per cent to $41.98 billion.

In July, Shanghai's US trade cargo valued $15.13 billion, down 12.6 per cent. European trade fell 2.8 per cent to $12.38 billion.

Electrical and mechanical product exports shrank. From January to July, automatic data processor exports dropped three per cent to $32.36 billion. Integrated circuits fell 5.6 per cent to $8.07 billion. Solar cell exports declined 40.8 per cent to $4.47 billion. Ships decreased 13.9 per cent to $3.35 billion. But cell phone exports increased 24.9 per cent to $4.1 billion.

Labour-intensive product export also fell. Garments declined 4.6 per cent to $29.57 billion. Textiles dropped 3.1 per cent to $20.97 billion. Bags and cases fell 0.6 per cent to $2.58 billion.

In contrast, Shanghai's consumer product kept a fast increase in the seven months. Automobile grew 20.6 per cent to $9.7 billion. Pharmaceuticals jumped 34.9 per cent to $4.1 billion. Garment exports increased 25.5 per cent to $1.41 billion.

From January to July, Shanghai recorded a collective trade value of $462.69 billon, up 1.2 per cent, taking up 21.3 per cent of China's total, still the largest customs consignment volume in China for international trade.

Export value increased by only 0.7 per cent to $282.18 billion. Imports grew 2.2 per cent to $180.51 billion.

Wang Chengming, an expert from the Shanghai customs pointed out that since the beginning of this year Shanghai's growth had fallen behind the national average, which is rare. Traders in China need to be prepared for harder hit from the downturn, he said.

source:shipping gazette
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