Shanghai’s Foreign Trade Growth in 2023

In 2023, Shanghai's total imports and exports reached 4.21 trillion yuan (US$591.57 billion), marking a 0.7 percent year-on-year increase, as reported by Shanghai Customs.

For Benelux companies, this presents notable opportunities, especially considering the growth in Shanghai's trade with the European Union, which amounted to 844.57 billion yuan—an increase of 2.7 percent year on year and contributing to 20.1 percent of the city's total foreign trade volume.

Emerging products, including electric passenger cars, lithium-ion batteries, and solar cells, showcased substantial potential, with Shanghai exporting 167.79 billion yuan worth in 2023. This represented a significant year-on-year surge of 42.2 percent, constituting 9.7 percent of the city's total export value.

Furthermore, Shanghai's import of consumer goods saw a notable uptick, reaching 561.83 billion yuan in 2023. This marked a 7.3 percent year-on-year increase, contributing to 22.7 percent of the city's total import value. For Benelux businesses, these trends underscore promising avenues for engagement and collaboration in Shanghai's dynamic trade landscape.

Source: Xinhua News

Editor: Jonathan Xu