Shanghai's trade with emerging markets grow rapidly

SHANGHAI's trade with developed countries in Europe, America and Japan are slowing down in growth, but those with emerging markets like the ASEAN countries and Korea are rising rapidly, Xinhua reported.

During the first five months of this year, Shanghai's trade with the European Union valued US$57.95 billion, up 38.8 per cent year on year. Trade with US increased 31 per cent to $42.6 billion while Japan trade grew 33.4 per cent to $34.1 billion. But these increases were lower than the city's general trade growth of 40 per cent, and lower than in the same period in 2008 before downturn.

Exports to the EU dropped two per cent to $36.8 billion. Trade with the US fell 0.8 per cent to $32.2 billion while Japan trade volume fell 4.4 per cent to $16.2 billion.

But Shanghai trade with the ASEAN increased 57.9 per cent to $25.7 billion. Trade with Korea jumped 63.6 per cent to $16.2 billion while Taiwan surged 74.1 per cent to $12.95 billion.

Consumer imports experienced rapid growth, said the report. During this period, Shanghai imported 99,000 automobiles, surging 220 per cent, 1.3 million carats in diamonds, up 170 per cent and watches worth $400 million, up 90 per cent. Imports of mechanical and electrical products grew 57.5 per cent to $60.1 billion.
(Source:www.schednet.com)