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

In the first 10 months of this year, Shandong's foreign trade rose 13.9 percent year-on-year, hitting 2.7 trillion yuan ($372.33 billion), according to statistics from local customs authorities.

The import and export value of Shandong ranked sixth in China during this period after Guangdong, Jiangsu, Zhejiang, Shanghai and Beijing.

From January to October, the province's exports reached 1.64 trillion yuan, up 17.5 percent year-on-year, while imports stood at 1.06 trillion yuan, up 8.8 percent.

During this period, except Linyi and Zibo, the import and export of the other 14 cities in Shandong province maintained positive growth. The import and export volume of Qingdao reached 738.78 billion yuan, up 6.7 percent, maintaining the first place in the province.

In the first 10 months, Shandong's general import and export trade reached 1.78 trillion yuan, up 13.6 percent, accounting for 66 percent of the province's total. Bonded logistics imports and exports reached 435.01 billion yuan, up 34.9 percent, while the figure for processing trade amounted to 408.59 billion yuan, up 10 percent.

Private enterprises continued to dominate the province's foreign trade sector. During this period, private enterprises' imports and exports in Shandong reached 1.98 trillion yuan, up 18.2 percent, and accounted for 73.2 percent of the province's total.

Foreign-invested enterprises' imports and exports reached 489.86 billion yuan, up 1.4 percent, and State-owned enterprises' imports and exports hit 233.09 billion yuan, up 9.6 percent.

Shandong's trade with countries and regions involved in the Belt and Road Initiative rose 37.8 percent and reached 1.03 trillion yuan, accounting for 38 percent of the province's total.