Shanghai Sets Record for Q2 Tech Export Trade

(Digital Phablet) July 22 — Despite ongoing US tariff pressures, Shanghai experienced its strongest second-quarter international trade performance in recent years, driven primarily by a surge in high-tech exports.

During the three months ending June 30, the city’s foreign trade grew by 7.2%, reaching CNY 1.14 trillion (approximately USD 159 billion). This marks the most significant growth in eight consecutive quarters, following a 2.7% decline in the first quarter, according to local customs authorities.

For the first half of the year, Shanghai’s total international trade expanded by 2.4% to CNY 2.15 trillion (around USD 300 billion). Exports saw an impressive 11% increase to CNY 952.7 billion, whereas imports decreased by 3.6% to CNY 1.2 trillion.

The year’s positive momentum was largely fueled by advances in technology and innovation. High-tech exports from Shanghai hit CNY 239.6 billion in the first half of the year, accounting for a quarter of the city’s total exports.

Exports of surgical robots nearly quintupled, and shipments of liquefied natural gas carriers rose by 42%. Additionally, outbound shipments of biomedicines, medical devices, and electric vehicles each contributed more than 10% to the country’s total exports.

According to China’s General Administration of Customs, the country’s overall trade in the first half of the year increased by 2.9%, reaching CNY 21.8 trillion (about USD 3 trillion). Exports grew by 7.2% to CNY 13 trillion, while imports declined by 2.7% to CNY 8.8 trillion.

These figures reflect a resilient economic landscape for China, with the gross domestic product rising by 5.3%. Following this positive economic data, leading international financial institutions such as UBS, Morgan Stanley, Goldman Sachs, and Nomura have revised upward their forecasts for China’s annual GDP growth.