Private enterprises in Shanghai to become ”new engine” of foreign trade development - Chinese media

According to the Shanghai Customs, the growth rate of import and export volume of private enterprises in Shanghai exceeded 20% in the first five months of this year. The monthly import and export volume in May reached a record high, making it a "new engine" for foreign trade development.
According to statistics from Shanghai Customs, Shanghai's total foreign trade volume for January to May increased 1.8% year-on-year to 1.8 trillion former (approximately 36.3 trillion yen).
In May, the city's import and export figures increased 4.5% year-on-year to 377.15 billion former (approximately 7.6 trillion yen), and monthly foreign trade figures increased for the fourth consecutive month. Of this, exports increased by 3.
Exports increased 5% to 158.38 billion former (approximately 3.2 trillion yen), while imports increased 5.3% to 218.77 billion former (approximately 4.4 trillion yen).
Private enterprises are attracting attention as the "new engine" of Shanghai's foreign trade development.
The export and import volume of private enterprises in the city increased by 22.2% year-on-year to 671.7 billion former (approximately 13.5 trillion yen), outperforming the growth rate of the city's overall trading companies by 20.4 percentage points and accounting for 37.7% of the total import and export volume.
In addition, the value of exports and imports by private enterprises in May increased by 11.4% year-on-year to 147.71 billion former (approximately 3 trillion yen), a monthly record high. Private enterprises have made a major contribution to the increase in Shanghai's export and import figures.
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