Shanghai Registers Consecutive Foreign Trade Decline

Shanghai's bilateral trade volume dived 23.7% from a year earlier to $226.3 billion during the first half of 2009, and June was the 8th straight month witnessing a drop, local customs figures have shown. Exports were down 23.5% to $143.8 billion while imports were down 23.8% to $82.4 billion over the period, Shanghai Customs said. Exports bound for the top 3 destinations, the EU, the US, and Japan, fell 23%, 20.2%, and 23.6% to $51.6 billion, $40 billion, and $31.4 billion respectively.

$1 = ¥6.8