The European Union has become the biggest export market and import source of Shanghai, according to the latest statistics from the Shanghai customs.

Bilateral trade between Shanghai and the EU topped 8.77 billion U.S. dollars in January, 48.9 percent up on last year. Exports in that month soared to 6.19 billion U.S. dollars, up 56.8 percent, while imports stood at 2.58 billion U.S. dollars, up 32.7 percent.

The major reason for the growth is believed to be the expansion of the EU, as Bulgaria and Romania both became EU members on January 1, 2007, bringing the number of EU members to 27. Trade between Shanghai and the two countries ranges from textiles to electrical products.

Shanghai also saw a trade growth with other trading partners. Its trade with the United States, Japan and ASEAN countries was 7.28 billion U.S. dollars, 5.15 billion U.S. dollars and 3.58 billion U.S. dollars, up 30.7 percent, 17.8 percent and 6.8 percent respectively.

In 2006, EU topped Shanghai's trading partner list, with bilateral trade standing at 87.1 billion U.S. dollars. But the United States was Shanghai's leading export market and Japan led the way in imports.

Source: Xinhua