Shanghai's foreign trade enjoyed rapid growth in 2008 with a total volume of US$322.14 billion, up 13.8 percent year-on-year despite the global economic crunch, according to data released on Saturday by the Shanghai Customs.

However, the increase rate was 10.6 percentage points lower than last year.

Imports and exports grew rapidly in the first seven months of 2008, up23 percent over the same period of 2007, with a trade volume of US$188.7 billion.

Trade volume declined since August due to the global financial crisis.

Foreign trade growth between August and December was only 2.7 percent. Imports and exports both declined in the last two months.

The European Union and the United States remained the top two trade partners of Shanghai in 2008, with the trade volume amounting to US$71.9 billion and US$53.4 billion separately.

(Xinhua News Agency January 25, 2009)