The cargo import and export volume in Jining, Shandong province totaled 46.7 billion yuan ($7.29 billion) during the first three quarters of this year, setting a record high, said officials at a news conference held by the information office of the city's government on Oct 28.

Its imports and exports increased by 18.5 percent and 40.2 percent respectively to 14.79 billion yuan and 31.91 billion yuan.

Statistics show that the city's import and export volume, as well as their growth rate have been rising on a quarter-by-quarter basis. The foreign trade volumes in Q1, Q2, and Q3 were valued at 12.39 billion yuan, 15.95 billion yuan, as well as 18.37 billion yuan respectively, up 21.8 percent, 36.2 percent, and 37.4 percent year-on-year.

The city's private sector has been a major force behind this growth. During the January-to-September period, imports and exports of the city's private enterprises increased 34.7 percent to 35.6 billion yuan, accounting for 76.2 percent of the city's total foreign trade.

In addition, imports and exports of foreign-funded and State-owned enterprises maintained stable growth of 26.1 percent and 25 percent respectively.

Officials also noted that ASEAN, the European Union, and the United States were the top three trade partners of Jining during the first three quarters of the year. The trade volumes to the three regions increased 55.9 percent, 35.2 percent, and 85.1 percent respectively.

Jining's trade with countries involved in the Belt and Road Initiative and the RCEP (Regional Comprehensive Economic Partnership Agreement) member countries also rose by 38.5 percent and 38.8 percent respectively.

Statistics also show that the city's major exports were mechanical and electrical products, as well as labor-intensive products, which accounted for 40.3 percent and 18.9 percent of the total export volume.

Major imports included paper pulp, paper, and paper products, mechanical and electrical products, as well as rubber.