Shanghai's imports and exports totaled 3.86 trillion yuan (about $540.7 billion) in the first 11 months of 2023, up 1.2 percent year on year, according to the local customs office.

Over the period, Shanghai's exports rose 1.7 percent year on year to 1.59 trillion yuan, and its imports increased 0.8 percent to 2.27 trillion yuan, data from Shanghai Customs shows.

Integrated circuits, ships and new energy products have become the main drivers of export growth in Shanghai. In the first 11 months of 2023, the city exported 1.1 trillion yuan of mechanical and electrical products, up 3.5 percent year on year and accounting for 69.5 percent of its total export value during the period.

Exports of integrated circuits reached 167.33 billion yuan, up 12.6 percent and driving up exports by 1.2 percentage points. Exports of ships rose 47.7 percent to 36.77 billion yuan, boosting exports by 0.8 percentage points.

Over the same period, Shanghai's exports of new energy products climbed to 159.32 billion yuan, an increase of 45.1 percent and driving exports up by 3.2 percentage points.

Shanghai imported 516.85 billion yuan of consumer goods, up 7.4 percent year on year and amounting to 22.7 percent of the city's total import value.

Shanghai's trade with the European Union, its largest trading partner, amounted to 773.67 billion yuan, up 2.7 percent year on year and accounting for 20 percent of its total foreign trade volume during the period.