Economy

Trade robust between China's Shanghai and other BRICS nations

(Xinhua)
Updated: 2011-04-14 16:30

SHANGHAI - Shanghai, an economic hub in eastern China, saw a rapid growth in trade with other BRICS nations.

According to local customs house, Shanghai imported $247 million of goods from South Africa in the first quarter of this year, a 48.87-percent year-on-year rise, and exported $197 million worth, up 10.69 percent year on year.

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Between January and March, Shanghai bought $484 million worth of commodities from Russia, up 23.6 percent year on year, and sold $501 million worth to the northern country, up 51 percent.

Meanwhile, Shanghai imported $3.66 billion worth of goods from Latin America including Brazil, up 57.7 percent year on year, and exported $2.29 billion worth, up 36.03 percent.

Analysts with the Shanghai commerce commission said Thursday that warm demand and mutual complementarity were behind the briskness in trade between Shanghai and other BRICS nations. Shanghai bought more resources products, which are in short supply in the city, from South Africa, Russia, India and Brazil.

In the first quarter, Shanghai imported $466 million worth of diamonds, up 45.5 percent year on year, 2.29 billion dollars worth of iron ores and concentrates, up 103.6 percent, $3.19 billion worth of unsmelted copper and rolled copper, up 42 percent, and $800 million worth of oil products, up 36 percent.