Foreign trade in Shanghai falls by 9.7% in Nov

Published: 18 Dec 2008 02:34:27 PST

Dec. 18, 2008 (China Knowledge) - Foreign trade in Shanghai fell to US$ 45.4 in November, representing a year-on-year decrease of 9.7%, the official Xinhua News reported, citing statistics released by the Shanghai Customs.

According to the local customs, the decrease in Shanghai in November is the biggest monthly fall in foreign trade since 2001 due to the weakening overseas demand brought by the financial crisis. Exports fell to US$31.4 billion, down 2.4% compared with a rapid growth of 20.8% in October, while imports fell sharply to US$13.98 billion, representing a decrease of 22.8% as compared to a 7% rise recorded a month ago.

The shrinking demand by foreign-invested firms in China is the main reason for the drastic fall in export, said the customs, adding that exports of those firms account for two thirds of the total throughput in Shanghai.

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