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Overseas-funded firms dominate Shanghai foreign trade
(Xinhua)
Updated: 2004-08-01 09:40

Overseas-funded enterprises in Shanghai contributed a record-high 66.5 percent to the city's foreign trade, with their imports and exports reached US$50.2 billion in the first half of this year, up 60.6 percent year-on- year, said local customs Sunday.

In breakdown, these enterprises' exports rose by 65.7 percent to US$22.6 billion, and imports grew 56.7 percent to US$27.5 billion, with a trade deficit of US$4.89 billion, which accounted for one-sixth of the city's half-year trade deficit.

Japan was the largest trade partner with overseas-funded enterprises in Shanghai with bilateral trade reaching US$10.25 billion in the six months, followed by the European Union with US$9.81 billion, the United States with US$9.1 billion, and the Association of Southeast Asian Nations with US$5.96 billion.

The import and export of machinery and electronic products did by Shanghai's overseas-funded enterprises in the half year stood at US$21.29 billion and US$18.44 billion, up 68.6 percent and 77.6 percent respectively.

The enterprises reported US$24.5 billion in the import and export of high-tech products, up 85.2 percent year-on-year.

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