Pudong's foreign trade reaches historic high in 2023

In 2023, the total foreign trade of Pudong in East China's Shanghai made steady progress, reaching a historic high. [Photo provided to english.pudong.gov.cn]

In 2023, the total foreign trade of Pudong in East China's Shanghai made steady progress, reaching a historic high. According to customs statistics, Pudong's total imports and exports reached nearly 2.6 trillion yuan ($361.3 billion), a year-on-year increase of 4.7 percent and accounting for 61.2 percent of Shanghai's total foreign trade.

The export of electromechanical products from Pudong exceeded 750 billion yuan, a year-on-year increase of 15.1 percent and accounting for 75.8 percent of total exports. The export of high-tech products reached 367.28 billion yuan, a year-on-year increase of 7.2 percent. The export of new energy vehicles, lithium-ion batteries, and solar cells reached 119.13 billion yuan, 35.85 billion yuan, and 5.4 billion yuan, respectively, year-on-year growth rates of 42.9 percent, 53.2 percent, and 14.7 percent.

In addition, the export growth rates of electrical equipment, ships, integrated circuits, and cultural products in Pudong were relatively fast. The export of electrical equipment reached 62.73 billion yuan, a year-on-year increase of 33 percent. Ship exports reached 32.81 billion yuan, a year-on-year increase of 77.7 percent. Integrated circuit exports reached 159.48 billion yuan, a year-on-year increase of 15.8 percent. And cultural product exports reached 25.8 billion yuan, a year-on-year increase of 35 percent.

Pudong's top four trading partners were the European Union (EU), the Association of Southeast Asian Nations, the United States, and Japan, with imports and exports in 2023 valued at 523.14 billion yuan, 320.45 billion yuan, 280.27 billion yuan, and 226.33 billion yuan, respectively, accounting for a total of 52.4 percent of all imports and exports. The EU maintained its position as Pudong's largest trading partner with a year-on-year increase of 8.7 percent, accounting for 20.3 percent of the area’s total foreign trade. Trade with Russia and Canada grew rapidly, with imports and exports to Russia reaching 57.27 billion yuan, a year-on-year increase of 64.7 percent, and imports and exports to Canada reaching 43.51 billion yuan, a year-on-year increase of 53.6 percent.