Shandong's foreign trade grew 40.1 percent year-on-year to 1.59 trillion yuan ($245.49 billion) during the first seven months of 2021, accounting for 7.4 percent of the nation's total, local customs authorities said.

Qingdao Port in Shandong province [Photo/IC]

During this period, the province's exports reached 906.99 billion yuan, up 43 percent year-on-year, while its imports totaled 681.19 billion yuan, up 36.5 percent.

In July, the imports and exports of Shandong stood at 245.96 billion yuan, up 28.9 percent. Its exports reached 149.02 billion yuan, up 39 percent year-on-year, while its imports totaled 96.94 billion yuan, up 15.9 percent.

During the January-July period, general trade imports and exports in Shandong reached 1.06 trillion yuan, up 34.9 percent year-on-year, accounting for 66.7 percent of Shandong's total.

Its processing trade imports and exports hit 254.13 billion yuan, up 32.6 percent, accounting for 16 percent of the total figure. Trade through bonded logistics totaled 214.58 billion yuan, up 60.7 percent.

In the first seven months, the imports and exports of private enterprises in Shandong province reached 1.11 trillion yuan, up 42.9 percent, accounting for 69.9 percent of the total foreign trade value of Shandong province.

The imports and exports of foreign-invested enterprises reached 337.07 billion yuan, up 33.4 percent, accounting for 21.2 percent of the province's total. Imports and exports of State-owned enterprises totaled 139.3 billion yuan, up 36.4 percent.

Shandong's trade with the top six trading partners, namely the Association of Southeast Asian Nations, the United States, the European Union, South Korea, Japan and Brazil, all increased by more than 20 percent.

Its trade with countries and regions involved in the Belt and Road Initiative reached 499.8 billion yuan, up 44.9 percent. Its imports and exports to RCEP members reached 560.52 billion yuan, up 41.2 percent.