Shandong sees boom in foreign trade in first 11 months

(| Updated : 2019-12-12

Print Print


Ships prepare to set out from the foreign trade container terminal of Qingdao Port in Shandong province. [Photo by Yu Fangping/For China Daily]

The value of imports and exports in East China's Shandong province reached 1.84 trillion yuan ($261.7 billion) over the first 11 months of the year, up 5.4 percent over the same period last year, according to customs authorities.

In November, Shandong's exports reached a value of 102.02 billion yuan, the highest this year and third highest in history. This represents a growth rate of 4.3 percent year on year, ending three consecutive months of negative year-on-year growth.

From January to November, the growth rates of Shandong's total foreign trade, exports, and imports were 3, 0.1, and 6.2 percentage points, respectively, above the national average.

The province's imports and exports accounted for 6.5 percent of China's total, up 0.2 percentage points over the same period last year.

Shandong's trade with the European Union and Association of Southeast Asian Nations rose 9.4 and 13.2 percent, respectively, while trade with Japan rose by 2.2 percent.

Trade with Brazil, Russia, Australia, Angola, and India rose 19.9, 12.6, 12.3, 9.1, and 12.1 percent, respectively,

Trade between Shandong and countries and regions involved in the Belt and Road Initiative increased by 15.4 percent, accounting for 29.1 percent of the province's total. Exports were up 14.1 percent and imports were up 17 percent.

In this period, exports of mechanical and electrical products, labor-intensive products, and agricultural products increased by 3.6, 5.2 and 6.8 percent, respectively, accounting for 37.2, 19.5, and 11 percent of the province's total.

Imports of major commodities were valued at 518.4 billion yuan, up 10.4 percent and accounting for 61.8 percent of the province's total imports.

Shandong province's cross-border direct-purchase e-commerce exports were valued at 2.54 billion yuan, up 76.7 percent, while imports and exports of provincial-level enterprises providing comprehensive foreign trade services reached a value of 30.81 billion yuan, up 10.6 percent.

Qingdao and Yantai maintained their lead among Shandong cities in imports and exports with values of 530.28 billion yuan and 260.71 billion yuan, respectively.