SHANGHAI customs noted a mere 0.9 per cent increase in exports to the European Union from the port last year while EU imports into the port leapt 14.8 per cent.
Shanghai exports to EU up 0.9pc while European imports leap 14.8pc
SHANGHAI customs noted a mere 0.9 per cent increase in exports to the European Union from the port last year while EU imports into the port leapt 14.8 per cent, a trend expected to continue throughout 2013.
A Shanghai customs analyst said causes were a shrinkage in European consumer demand, the appreciation of renminbi against euro and that manufacturers are moving away from China.
Statistics from the Shanghai customs show that trade goods with EU handled by the customs in January grew 6.2 per cent to US$14.02 billion. Exports were valued at US$8.28 billion; imports, $5.74 billion.
Being the largest customs office in foreign trade in China, Shanghai accounts for 30 per cent of China's trade with EU. But the downturn dragged its EU trade down 7.6 per cent to $164.7 billion last year with exports falling 13.4 per cent to $93.43 billion while imports increased 1.4 per cent to $71.27 billion.
The EU has long been Shanghai's largest trading partner. But the weakening export and increasing trade friction might hurt bilateral relations in the long term, said Xinhua.
Shanghai's export to Germany, France, Italy and Spain, the four largest EU economies, fell substantially last year. Exports to Germany fell 5.5 per cent to $20.5 billion. Those to France shrank 23.5 per cent to $7.73 billion. Those to Italy fell 29.2 per cent to $8.54 billion. Those to Spain dropped 10 per cent to $5.1 billion.
