Shanghai trade surplus soars 63pc in July

CHINA's recent export tax rebate rate adjustment and import tariff reduction policy has been credited with the substantial increase in Shanghai's foreign trade in July and a record-breaking trade surplus which surged 63 per cent over the same month in 2006 to US$13.63 billion, Logistics Week reported.

In July, the city's trade value increased 36 per cent to $47.3 billion. Exports jumped 42 per cent to $30.49 billion. Imports went 28 per cent up to $16.86 billion.

From January to July, Shanghai's cumulative trade value increased 20 per cent to $280.7 billion.

In the first seven months, Shanghai's trade with the European Union (EU) surpassed $60 billion, making EU the biggest trade partner of Shanghai.

The US was Shanghai's largest export market. From January to July the city's trade with US rose 16.5 per cent year on year to $51.9 billion, but the growth rate was slower comparing to the corresponding period last year.

Shanghai's trade deficit with Taiwan reached $4.76 billion, which was the highest deficit figure recorded with any countries and region in this period.