A view of the fully c container terminal at the Port of Qingdao in Qingdao, East China's Shandong province, June 8, 2018. [Photo/IC]

The foreign trade value of East China's Shandong province reached 2.04 trillion yuan ($296.2 billion) in 2019, an increase of 5.8 percent over 2018.

This is the first time that the province has exceeded a trade value of 2 trillion yuan, according to a news conference held on Jan 15 by the Information Office of the Shandong Provincial People's Government.

In 2019, Shandong's exports reached 1.11 trillion yuan, up 5.3 percent, while imports totaled 929.06 billion yuan, up 6.4 percent.

According to customs authorities, Shandong's total foreign trade value ranked sixth in China, accounting for 6.5 percent of the country's total, an increase of 0.15 percentage points over 2018.

Qingdao remains the province's leading city in terms of foreign trade. In 2019, the total value of imports and exports in the coastal city hit 592.34 billion yuan, remaining in first place among the province's 16 cities and representing an increase of 11.3 percent, accounting for 29 percent of Shandong's total imports and exports.

Trade between Shandong and the Association of Southeast Asian Nations, the European Union, South Korea, Japan, and Brazil increased by 15.2 percent, 9.5 percent, 0.9 percent, 2.8 percent, and 19.9 percent, respectively, while imports and exports to the United States dropped by 17.8 percent.

The Association of Southeast Asian Nations overtook the United States as Shandong's largest trading market, while the United States fell to fourth place.

The province's imports and exports to Russia, Australia, Angola, India, and Canada rose 11.7 percent, 12.7 percent, 5.8 percent, 13.4 percent, and 7.1 percent, respectively.

Trade between Shandong and countries and regions involved in the Belt and Road Initiative increased by 15.9 percent, reaching a value of 603.09 billion yuan and accounting for 29.5 percent of the province's total. Exports were up 16.3 percent, while imports were up 15.3 percent.

In 2019, Shandong exports of mechanical and electrical products, labor-intensive products, and agricultural products increased by 4.5 percent, 6.1 percent, and 7.3 percent, respectively, accounting for 37.4 percent, 19.5 percent, and 11.1 percent of the province's total exports.

Imports of crude oil, iron ore, and aluminum ore increased by 13.4 percent, 46.8 percent and 14.8 percent, respectively, contributing 4.1, 2.5, and 0.5 percentage points to the growth of imports.

In 2019, Shandong's self-owned brands saw 261.48 billion yuan in exports, up 14.2 percent year on year and accounting for 23.5 percent of Shandong's total, an increase of 1.5 percentage points over 2018.