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Pudong Trade Sees Billions in Red in Five Months
Shanghai's Pudong New District reported US$ 2.24 billion of trade deficit in the first five months this year.
The District did US$ 5.24 billion worth of imports in the period, a rise of 77 percent on a yearly basis, with exports growing by 29.6 percent to some US$ 3 billion.
Two-third of the imports there were conducted by overseas- funded enterprises, up 88 percent, while imports by state-run enterprises rose 58.1 percent to reach US$1.67 billion, according to Pudong Customs.
Local overseas-funded companies imported US$ 326 million of equipment in the five months, while state-run enterprises imported a large volume of electro-machinery, integrated circuits, micro-electronic parts, automatic data processing facilities and components, telecom facilities and auto parts.
Experts say that the speedy growth in imports signals a further economic development in Pudong.
Pudong handled US$2.58 billion of trade in importing raw material for processing in the five months. Also during the period, the district exported US$ 1.46 billion of electro-machinery, accounting for almost half of the District's total exports.
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