Shanghai's foreign trade expanded by 14.6 percent year-on-year, to 1.01 trillion yuan ($158 billion) in the first quarter of 2022, with exports of automobiles, mobile phones, lithium-ion batteries doubling in growth, despite the challenge posed by the Omicron outbreak, Shanghai customs said on Tuesday.
Of the total trade volume, exports rose 23.8 percent year on year to 413.5 billion yuan, while imports expanded by 8.9 percent to 594.4 billion yuan.
Exports in automobile, mobile phones, lithium-ion batteries have doubled growth over the first three months from last year.
Automobile exports expanded 194.4 percent from last year to reach 24.26 billion yuan and those of mobile phones and lithium-ion batteries also doubled to 19.55 billion yuan and 3.38 billion yuan, respectively.
A key hub for the country's integrated circuit industry, the import of integrated circuits hit 78.04 billion yuan, up 18.3 percent while the exports shot up 18.6 percent year-on-year to reach 43.15 billion yuan.
Foreign invested enterprises accounted for more than 60 percent of imports and exports made in the city with foreign trade value reaching 629.91 billion yuan, up 13.5 percent. The city's largest trade partner in the first quarter was the European Union, with a total trade volume of 196.2 billion yuan.
Shanghai's trade growth of 14.6 percent in the first quarter outperformed the national average, with China's foreign trade totaling 9.42 trillion yuan in the first quarter of 2022, up 10.7 percent year-on-year.
Source: Global Times
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