According to Qingdao Customs, in the first eight months of this year, Shandong's foreign trade value reached 2.18 trillion yuan ($310.65 billion), up 18.2 percent year-on-year.

A view of Qingdao Port in Shandong province on Sept 12, 2022 [Photo/VCG]

During this period, the province's exports reached 1.32 trillion yuan, up 25.3 percent, and imports stood at 855.27 billion yuan, up 8.7 percent. Its imports and exports value ranked sixth in China, following Guangdong, Jiangsu, Zhejiang, Shanghai and Beijing.

From January to August, the general import and export value of Shandong reached 1.45 trillion yuan, up 17.7 percent, accounting for 66.5 percent of the provincial total. Its import and export value of bonded logistics amounted to 358.71 billion yuan, up 44.4 percent, and accounted for 16.5 percent of the provincial total.

Private enterprises continue to dominate the province's foreign trade sector, and in the first eight months, the import and export value of private enterprises in Shandong reached 1.6 trillion yuan, up 23.8 percent, and accounted for 73.5 percent of the province's total.

The import and export value of foreign-invested enterprises and State-owned companies reached 389.6 billion yuan and 187.07 billion yuan, respectively, up 2 percent and 13.6 percent.

Furthermore, Shandong's import and export value to ASEAN members reached 407.64 billion yuan in the first eight months of this year, up 55.8 percent. Its trade with countries and regions involved in the Belt and Road Initiative reached 820.91 billion yuan, up 41.6 percent, and accounted for 37.7 percent of the provincial total.