Better quality of life pushes imports up in Shanghai

An optimized structure of exports and a tailwind in the import sector, has delivered double-digit growth in Shanghai's import and export volume in the first half of this year, for the first time since 2012.

According to Shanghai Customs District, the total import and export volume reached 1.6 trillion yuan ($236.5 billion) during the first six months, up 18.7 percent year-on-year.

That was only just behind Guangdong and Jiangsu provinces.

Total exports rose 12 percent year-on-year to 626.6 billion yuan while total imports jumped 23.7 percent to 926.7 billion yuan.

Shanghai Customs Deputy Director Zheng Jugang said the city has seen a better result in imports mainly because of the increased price of bulk commodities globally and city dwellers' increased demand for quality of life.

Passenger cars and medical and healthcare products were the most popular import categories. The imported consumer goods value totaled 160.6 billion yuan in the first half, up 24.5 percent year-on-year compared to an 8.2 percent growth rate in the first half of 2016. The import value of passenger cars surged 40.2 percent to 40.9 billion yuan while that of medical and healthcare products soared 53.5 percent to 39.3 billion yuan.

"We have seen a robust domestic demand in Shanghai," Zheng said. "As people have a higher demand for their quality of life, the import volume of overseas products is increasing rapidly."

Integrated circuit was the largest import category in Shanghai in the first half, with the total volume reaching 101.3 billion yuan, taking up 10.9 percent of the city's total import value.