In the first two months of this year, Shandong's foreign trade reached 384.12 billion yuan (about $59 billion), up 38.7 percent over the same period last year, according to statistics from the local customs.

Over the same period, the province's exports stood at 222.73 billion yuan, up 61.1 percent year-on-year, while its imports hit 161.39 billion yuan, an increase of 16.4 percent.

A freighter docks at the Port of Qingdao in East China's Shandong province. The port opened new routes to two RCEP-related destinations on Jan 19. [Photo by ZHANG JINGANG/for CHINA DAILY]

The growth rate of Shandong's foreign trade, exports, and imports were all higher than the overall figures for the country, according to local customs authorities.

The value of imports and exports in Qingdao, a port city in Shandong, continued to lead the 16 cities in the province with an increase of 39.3 percent to 114.41 billion yuan, accounting for 29.8 percent of the provincial total.

Fifteen cities in Shandong posted year-on-year growth in foreign trade in the first two months of this year, while six cities, including Yantai, Rizhao, Linyi, Dezhou, Tai'an and Zaozhuang, increased by more than 50 percent year-on-year, hitting 70.1 percent, 50.6 percent, 99.7 percent, 55.4 percent, 52.4 percent, and 51.8 percent, respectively.

General trade imports and exports in Shandong stood at 261.45 billion yuan, an increase of 39.2 percent, accounting for 68.1 percent of the provincial total.

During the same period, processing trade imports and exports in Shandong reached 68.75 billion yuan, up 50.6 percent and accounting for 17.9 percent of the provincial total.

The foreign trade value of private enterprises in Shandong reached 261.43 billion yuan, an increase of 39.9 percent and accounting for 68.1 percent of the provincial total.

The imports and exports of local foreign-invested enterprises reached 89.86 billion yuan, up 42.5 percent and accounting for 23.4 percent of the provincial total.

The foreign trade of State-owned enterprises in Shandong stood at 32.13 billion yuan, up 21.6 percent and accounting for 8.4 percent of the provincial total.

The growth rate of Shandong's trade with its top five markets exceeded 30 percent over this period.

The United States has become Shandong's largest trading market. In the first two months, the provinces imports and exports to and from the US reached 49.41 billion yuan, up by 105 percent.

The province’s trade with the Association of Southeast Asian Nations reached 49.33 billion yuan, up 42 percent, while its trade with the EU (excluding the UK) was 40.43 billion yuan, up 47.5 percent.

Its imports and exports to South Korea hit 34.48 billion yuan, up 41.6 percent, while its trade with Japan was valued at 25.2 billion yuan, up 34.5 percent.

Shandong's imports and exports to and from countries involved in the Belt and Road Initiative reached 117.52 billion yuan, up 30.2 percent and accounting for 30.6 percent of the provincial total.