Shanghai's trade with BRICS countries robust
Shanghai imports from BRICS countries grew at the fastest pace in more than five years last month thanks to more collaborations between the countries, data from the local customs showed today.
The city imported 8.06 billion yuan (US$1.22 billion) of goods from BRICS countries in July, up 46.5 percent year-on-year, the fastest since March 2012.
BRICS refers to a group of leading developing countries including Brazil, Russia, India, China, and South Africa.
Exports in July rose 26.9 percent year-on-year to 22.17 billion yuan.
For the first seven months combined, exports rose 23.5 percent to 141.35 billion yuan and imports rose 11.3 percent to 49.73 billion yuan.
That compared with Shanghai’s overall 12.8 percent export growth and 24.2 percent import expansion during the same period.
The customs said copper accounted for the largest imports from BRICS while the proportion of diamond and sawn timber rose significantly in the first seven months.
A summit of BRICS leaders will be held in China's Xiamen City, Fujian Province, from Sunday to next Tuesday the