Shandong's foreign trade rises 15.7% from Jan-Sept

(| Updated : 2022-10-27

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A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

In the first three quarters of this year, Shandong's foreign trade increased by 15.7 percent year-on-year to 2.44 trillion yuan ($338.18 billion), ranking sixth in the country, according to statistics from Qingdao customs.

During this period, the province's exports surged by 20.8 percent to 1.48 trillion yuan, while its imports amounted to 963.26 billion yuan, an increase of 8.7 percent.

From January to September, the province's 14 cities maintained positive growth in foreign trade except Zibo and Linyi. The growth rate of Zaozhuang, Weifang, Dongying, Tai'an, Jining and Binzhou was higher than 25 percent, reaching 107 percent, 40.8 percent, 33.5 percent, 28.5 percent, 27.5 percent and 26.7 percent, respectively.

During the nine-month period, the province's general imports and exports increased by 15.2 percent to 1.62 trillion yuan, accounting for 66.1 percent of the provincial total. Its bonded logistics imports and exports amounted to 401.19 billion yuan, up 40.5 percent, while the imports and exports of processing trade totaled 359.87 billion yuan, up 7.4 percent.

Private enterprises continue to dominate the province's foreign trade sector, with foreign trade conducted by local private enterprises increasing by 20.8 percent to 1.79 trillion yuan, accounting for 73.3 percent of the province's total from January to September.

Foreign-invested enterprises' trade volume amounted to 439.9 billion yuan, up 0.9 percent, while the figure of State-owned enterprises stood at 211.38 billion yuan, up 11.4 percent.

ASEAN (Association of Southeast Asian Nations), the United States and the European Union were Shandong's top three trade partners, and piled up a total trade volume of 464.63 billion yuan, 269.66 billion yuan, and 217.86 billion yuan, respectively.

Shandong's trade with countries and regions involved in the Belt and Road Initiative was up 40.2 percent to 926.17 billion yuan, accounting for 37.9 percent of the province's total.