Shanghai's exports up 1st time in 14 months
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Shanghai's exports rose for the first time in 14 months last December, while imports soared even higher as the city's economy posted a stronger recovery momentum, Shanghai Customs said Thursday.
The city's exports jumped 23.5 percent from a year earlier to US$15.2 billion last month, the first rise since November 2008. Exports increased 13.1 percent from a month earlier and contrasted with a loss of 5.3 percent on an annual basis in November.
Imports climbed even further by an annualized surge of 49.5 percent to US$15.5 billion in December. They rose 26.7 percent in November, making December's jump the second increase since the global financial crisis cut into China's trade.
"The figures are quite encouraging as Shanghai plays a leading role in the rebound of China's exports," said Li Maoyu, an analyst at Changjiang Securities Co. "The strong growth in imports suggests robust local demand and will consolidate the foundation for Shanghai's economic recovery."
Shanghai, Guangdong, Jiangsu and Zhejiang were the only four areas on the Chinese mainland to post above US$10 billion in exports last month.
But Shanghai's exports in 2009 still posted an annual drop of 16.2 percent to US$141.9 billion. The city's overall trade shrank 13.8 percent from a year ago to US$277.7 billion last year, with a trade surplus of US$6.1 billion.
"Shanghai has been adjusting its economic structure to produce more value-added products. The efforts we have made are reflected in our exports," said the Customs yesterday.
Shanghai's exports of mechanical and electrical products surged 30.1 percent from a year ago in December while labor-intensive industries like textile, shoe and plastic posted a loss.
China's exports rose for the first time in 14 months in December to US$130.7 billion, up 17.7 percent from a year earlier. China exported US$1.2 trillion worth of goods in 2009.
Based on the data, China has overtaken Germany to be the world's top exporter as German exports were forecast at 816 billion euros (US$1.18 trillion) last year.
