Shanghai import growth tops export growth two years running

SHANGHAI has reversed the typical China maxim, "strong export, weak import" since the 2009 global downturn, when import growth started to exceed export growth, a trend that has persisted for two consecutive years, reports Xinhua.


In the first quarter, Shanghai imports grew 24 per cent year on year to US$102.79 billion in value while imports increased 19.8 per cent to $133.92 billion.


Shanghai export growth had always exceeded import growth before 2010, the port started to record a decrease in imports and exports in the downturn, with imports leading five per cent.


Then in 2010, Shanghai's international trade recovered with a 30.1 per cent growth in exports over 2009 to $532.9 billion and 37.3 per cent in imports to $375.56 billion. Although it still kept a trade surplus, the import increase was seven per cent more than that of exports.
(Source:http://www.schednet.com)