GROWTH of Shanghai's trade with US showed a substantial slowdown during the first quarter of this year due to the US subprime mortgage crisis and the appreciation of the yuan, Xinhua reported.
According to Shanghai customs statistics, Shanghai's trade with US cumulated to US$23.42 billion, rising only 12 per cent year on year, 11.9 per cent slower than the average growth of the same period in the past years.
Exports increased 11.4 per cent to $18.48 billion, 7.2 per cent slower year on year. The growth was the slowest among Shanghai's top three trade partners, following European Union and Japan.
Imports from the US increased 14.4 per cent to $4.94 billion, taking up 9.7 per cent of Shanghai's import total in this period.
The trade surplus between the two stood at $13.54 billion, representing 36.3 per cent of Shanghai's trade surplus total during this period.
High-tech product exports went up 10.6 per cent up to $6.59 billion, 41.3 per cent slower compared to the same period a year ago. Apparel exports rose only 5.3 per cent to $2 billion, 32.2 per cent slower. Automobile export growth fell 10.6 per cent to 19.8 per cent with a value of $460 million. Steel export growth fell from 58.3 per cent in first quarter last year to minus seven per cent.
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