Shandong's foreign trade, investment demonstrate upward trend

(| Updated : 2024-06-27

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Shandong province's unwavering commitment to deepening international economic and trade cooperation has yielded remarkable results in the first five months of 2024. The province's total import and export volume surged by 6.6 percent year-on-year to 1.32 trillion yuan ($180 billion), with exports witnessing an impressive 11.6 percent growth rate, outpacing the national average by 5.5 percentage points.

This remarkable achievement can be attributed to a multi-pronged strategy that has seen the province actively consolidate traditional markets, expand into emerging ones, and vigorously cultivate new products.

To date, over 6,500 Shandong enterprises have participated in market expansion promotion conferences, while 263 overseas exhibition projects have been planned for the year. With these concerted efforts, the province's exports of machinery and electronic products increased by 9.6 percent in the first five months. The province has also witnessed the flourishing of new foreign trade models, with cross-border e-commerce exports soaring by 12.3 percent in the same period.

In the first five months, Shandong attracted $6.33 billion in actual foreign investment, exceeding the national average, and attracted 236 World Fortune 500 companies to invest in 934 enterprises across the province. This growth can be attributed to the province's efforts to promote synergy between outward investment and cooperation, foreign trade, and foreign capital utilization.

As the province continues to deepen international economic and trade cooperation, it is poised to achieve even greater success in the years to come.