Waigaoqiao FTZ Trade Value Surpasses US$25 Billion

During the first half of this year, the cumulative import and export value of Shanghai's Waigaoqiao Free Trade Zone surpassed US$25 billion.

A report in Logistics Week attributed the growth to increased cargo volumes that led to full warehouses, as well as a higher cargo turnover rate.

There are over 1,000 logistics firms in the Waigaoqiao FTZ with an aggregate warehousing space of 2.5 million square metres. From January to June, these companies achieved operating revenues of nearly CNY100 billion (US$13.21 billion).

Shanghai Kintetsu Logistics Company has warehouses covering 67,000 square metres inside the FTZ. The company's warehouses have been full for most of the time since the beginning of this year. From January to June, the company handled 15,000 lots of import and export consignments every month on average, accounting for 10 per cent of the FTZ's average monthly import and export cargo volume.

Shanghai Kintetsu Logistics is the first among freight forwarders in the Waigaoqiao FTZ to offer chartered flight services. There are now 12 companies offering such services in the FTZ, the report said.

Shanghai Kintetsu Logistics is ranked 11th among all Shanghai's freight forwarders by achieving an import and export value of $1.66 billion in 2006.