Shanghai's import-export value edges up in first two months of 2023

The import and export value of Shanghai rose by 0.7 percent year on year in January and February, with an upturn in import value and the new-energy sector continuing to play an essential role in the city's export performance.

According to recent updates from Shanghai Customs, the city's import and export value reached 681.56 billion yuan (US$98.96 billion) in the first two months of this year, a 0.7 percent increase year on year.

The import value in the two months amounted to 415.99 billion yuan, showing an increase rate of 4.7 percent, compared with -4.7 percent in the fourth quarter of last year. Meanwhile, the export value, at 265.57 billion yuan, dipped by 4.9 percent year on year.

General trading and private enterprises were the major driving forces for the city's foreign trade increase, with general trading in Shanghai amounting to 398.02 billion yuan from January to February, accounting for 58.4 percent of the total foreign trade, up 1 percentage point year on year.

By the end of February, the city had 26,000 private enterprises with import and export records or performances, and their total import and export value reached 208.48 billion yuan, accounting for 30.6 percent of the total foreign trade and contributing 3.6 percentage points actual foreign trade growth.