Shandong's foreign trade increases by 17.3% in Jan-May

(| Updated : 2022-06-13

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Vehicles for export await shipment at Yantai Port, Shandong province. TANG KE/FOR CHINA DAILY

In the first five months of this year, Shandong's foreign trade volume reached 1.27 trillion yuan ($188.85 billion), up 17.3 percent year-on-year, according to statistics from the local customs authorities.

During this period, the province's exports reached 757.25 billion yuan, up 26.8 percent, while its imports totaled 512.78 billion yuan, up 5.6 percent. The growth rates of its imports and exports were all higher than the national average.

In May, the value of imports and exports in Shandong province totaled 299.95 billion yuan, surpassing Beijing and Shanghai and ranking fourth in China. In the same month, its exports totaled 184.57 billion yuan, up 41.8 percent, while imports reached 115.38 billion yuan, up 10.7 percent.

Official data show that in the first five months, the Association of Southeast Asian Nations (ASEAN), the United States, the European Union, South Korea, Japan, Russia and Brazil were Shandong province's top seven trade markets, accounting for 62.4 percent of the province's foreign trade value.

During this period, Shandong's imports and exports to ASEAN totaled 224.56 billion yuan, up 44.5 percent. Its trade with the US reached 140.26 billion yuan, up 18.9 percent, and its imports and exports to the EU totaled 117.53 billion yuan, up 10.5 percent.

Shandong's imports and exports to other RCEP members reached 470.9 billion yuan, up 22.2 percent year-on-year, accounting for 37.1 percent of the province's total foreign trade value.

Its trade with countries and regions involved in the Belt and Road Initiative reached 461.16 billion yuan, up 33.8 percent and accounting for 36.3 percent of Shandong's total.