Shanghai experiences strong rebound in foreign trade

The value of foreign trade conducted by Shanghai in East China reached 414.97 billion yuan ($57.43 billion) in August, an increase of 15.8 percent over the same period last year.

Breaking that down, exports came in at 174.27 billion yuan, a surge of 26.2 percent compared with last year, while imports hit 240.7 billion yuan, an increase of 9.2 percent.

Following July's single month record of 400 billion yuan, August broke the record a second time.

So far this year, Shanghai's foreign trade has withstood the COVID-19 outbreak, showing a 'V' shape rebounding trend. Despite a steep deep dip in imports and exports in April, since the full restoration of production and return to normal conditions in June, the city's foreign trade has witnessed steady growth.

Foreign investments and private enterprises have maintained their vitality. Shanghai has fully supported leading foreign trade enterprises, important support service enterprises and other small and medium-sized enterprises.

At the same time, Shanghai mobilized all its resources to actively assist foreign trade enterprises to resolve problems involving epidemic prevention and control, labor, logistics and capital shortages.

In the first half of 2022, the total foreign trade of Shanghai's foreign-invested enterprises was worth 1.16 trillion yuan, a minor 0.5 percent decrease compared with last year, while the foreign trade of private enterprises maintained positive year-on-year growth of 4.7 percent.