Shanghai recorded nearly US$230 billion in foreign trade in the first 10 months of this year, a year-on-year growth of 41.4 percent.

The trade volume has already exceeded the total foreign trade volume of entire 2003, according to local customs sources.

Of the total trade volume, import came to US$99.7 billion and export was US$130 billion, up 40.3 percent and 42.2 percent respectively.

The import and export value of foreign-funded businesses handled by Shanghai Port totaled US$142.9 billion, a rise of 52 percent.

The city's private companies registered the fastest growth of all sectors, which hit US$28 billion, up 68.9 percent year-on-year, while the State-owned companies gained US$58.7 billion in foreign trade, a year-on-year increase of 13.5 percent.

The European Union, Japan and the United States remained Shanghai's top three trade partners, accounting for 55.6 percent of the total foreign trade volume, the customs sources said.

Electrical and mechanical products made up the largest percentage of exports, with US$52.7 billion, up 62.1 percent over the same period of last year. The export of textile, garment, furniture, shoes and plastic products also reported increases in various extents.

(Xinhua News Agency November 19, 2004)