Shanghai's imports under ECFA tops US$100 million in first quarter

SHANGHAI customs recorded a value of US$116 million of Taiwan imports under the Mainland-Taiwan Economic Cooperation Framework Agreement (ECFA) in the first three month, Xinhua reports.


Since the agreement was implemented on January 1, import tariffs were reduced or eliminated under the agreement came to CNY32.7 million (US$5.04 million) at the end of March.


During the first quarter, Shanghai's trade with Taiwan grew 14.4 per cent year on year to $8.31 billion. In March, the city's imports from Taiwan were valued at $2.02 billion, while exports ran to $1.27 billion, both setting historic highs.


Shanghai's imports under ECFA rapidly grew from month to month. In February, import value and tariff cuts were 55.5 per cent and 61.1 per cent more than in January. In March, the increase grew to 110.8 per cent and 100.4 per cent respectively.


In January, Shanghai's import of preferential products under ECFA covered only 120 categories, and has since expanded to 225 categories, taking up 45.8 per cent of the list of preferential products.
(Source:http://www.schednet.com)