The total value of imports and exports hit a historic high of 3.48 trillion yuan ($537.5 billion) in Shanghai last year, up 2.3 percent from the figure recorded in 2019.

Shanghai's total export value for last year remained at the same level as 2019, coming in at 1.37 trillion yuan. The value of imports increased 3.8 percent year-on-year to reach 2.11 trillion yuan. The total trade surplus expanded 11.7 percent year-on-year to reach 737.7 billion yuan.

Foreign-invested companies in Shanghai imported and exported goods were valued at 2.25 trillion yuan in 2020, up 2.9 percent from a year earlier. Privately-owned enterprises in the city's imported and exported goods were valued at around 833.6 billion yuan last year, up 11.3 percent year-on-year.

The European Union remained the biggest trading partner of Shanghai last year, seeing total export and import value up 6.1 percent year-on-year at 698 billion yuan. EU members accounted for 20 percent of the total import and export value recorded in the city last year. Total trading value with the United States increased 6.3 percent year-on-year to reach 481.7 billion yuan, while that of Japan increased 2.8 percent year-on-year to 381.2 billion yuan.

Mechanical and electrical equipment accounted for a majority 69.1 percent of total exports of Shanghai last year, with total export value climbing moderately by 0.1 percent to come in at 947.8 billion yuan in 2020.

Integrated circuits were the largest import item in Shanghai last year, with total import value surging 13.2 percent from a year earlier to reach 297.2 billion yuan.