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Shandong’s foreign trade in 2018 up 7.7% to RMB 1.93 trln
2019/01/18 05:49:23
China's News, China's Financial News, foreign trade

Jan 18, 2019 (China Knowledge) - The total value of Shandong province's foreign trade has reached a record high of RMB 1.93 trillion, up 7.7% year-on-year.

In 2018, the province's total foreign trade exceeded the historical record, with a total import and export value of RMB 1.93 trillion, including RMB 1.07 trillion of exports and RMB 873.29 billion of imports. It is reported that private enterprises contribute more than 60% of the total volume.

According to an official from Qingdao customs, Shandong's foreign trade volume was RMB 800 billion in 2011, exceeded to RMB 900 billion in 2016, and surpassed RMB 1 trillion in 2018, which is a historic breakthrough.

Analysts believe Shandong's foreign trade success was not possible without the support of private enterprises. According to statistics, the import and export volume of private enterprises in Shandong province increased by 12.3% in 2018. Additionally, private enterprise accounted for 61.7% of the total import and export volume, which is 22% higher than the national average.

Shandong customs has always been committed to improving the business environment at its ports. Since last year, the port authorities have further optimized the customs clearance process, efficiency and service quality, and successfully achieved the goal of "reducing the overall customs clearance time by one third" through management and technical progress.

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