Shandong Achieves RMB 634.09 Billion Imports and Exports with Other RCEP Member Countries in H1, Highlighting Private Enterprise Success

iqilu Shandian News, July 18 During the first half of the year, Shandong's trade with other RCEP member countries reached RMB 634.09 billion, marking a year-on-year increase of 0.8% and contributing 36.7% of the province's imports and exports. Trade with Central and Eastern European countries (CEECs) amounted to RMB 30.67 billion, reflecting a year-on-year growth of 10.1% and constituting 1.8% of imports and exports. Collectively, these segments contributed 7% to Shandong's foreign trade growth. The following trends were observed:

Firstly, market expansion through collaborative frameworks has yielded commendable results. During the first half of the year, imports and exports between Shandong and ASEAN, ROK, and Japan demonstrated consistent growth. Notably, imports and exports with Brunei, Indonesia, and Cambodia showed significant increases of 42.6%, 52.5%, and 35.2%, respectively, among other RCEP member countries. Simultaneously, the potential for economic and trade cooperation with CEECs has gradually been realized. Among these, the trade volume with Poland, the largest trading market in CEE, reached RMB 12.23 billion, marking a significant 34.2% increase and comprising 39.9% of the region's imports and exports during the same timeframe. The trade volume with Greece, Romania, and the Czech Republic grew by 5%, 4.3%, and 1.9%, respectively.

Secondly, private enterprises contributed intensively, demonstrating notable import and export growth. Private enterprises contributed intensively to the RCEP framework and the China-CEE regional collaboration. During the first half of the year, the imports and exports with other RCEP member countries and CEECs were recorded at RMB 489.22 billion and RMB 23.72 billion, reflecting 1.3% and 12.5% increases, respectively, and constituting 77.2% and 77.3% of the imports and exports in these regions.

Thirdly, the synergetic effects of industrial collaboration continued to deepen. In the first half of the year, Shandong exported M&E products worth RMB 152.12 billion to other RCEP member countries, achieving a 12.9% growth and accounting for 41.1% of the exports to these countries. Exports of labor-intensive products and agricultural goods reached RMB 84.41 billion and RMB 39.8 billion respectively, accounting for 22.8% and 10.8% of the total. Imports of crude oil, M&E products, as well as agricultural products from other RCEP member countries reached RMB 92.75 billion, RMB 57.36 billion, and RMB 14.88 billion, respectively, showing increases of 2.3%, 10.4%, and 14.4%, respectively.

During the corresponding period, exports of M&E products, labor-intensive products, and agricultural products to CEECs totaled RMB 16.18 billion, RMB 3.97 billion, and RMB 1.03 billion, respectively, accounting for 60.6%, 14.9%, and 3.9% of the total. Imports of metal ores from CEECs amounted to RMB 1.76 billion, including RMB 910 million of copper ore (predominantly sourced from Serbia) and RMB 660 million of gold ore (predominantly sourced from Bulgaria). Additionally, M&E products imported totaled RMB 1.32 billion, reflecting a 10.2% growth.

Fourth, the progress made in trade facilitation has been further enhanced. In the first half of this year, authorities in Shandong Province issued 107,000 Certificates of Origin under RCEP agreements, enabling exports worth RMB 25.21 billion to benefit from preferential tariffs. This reflects increases of 5.8% and 12.4%, respectively, with enterprises benefiting from tariff reductions exceeding RMB 500 million by RCEP member countries. According to the information released at the Seventh China–CEEC Dialogue on Customs, Inspection and Quarantine Cooperation, 126 types of agricultural and food products from 14 CEECs have received approval for entry into China, with a cumulative registration of 3,430 overseas agricultural product enterprises. Furthermore, mechanisms for cross-border customs inspection, quarantine information sharing, and cooperation have been established. Currently, agricultural products from CEE, including Polish dairy products and Bulgarian sunflower oil, are smoothly entering the Shandong market, offering a wider range of options for downstream consumers.

Report by Yu Fan, Shandian News

 Disclaimer：The above content is translated from Chinese version of Shandian News. The Shandian News version shall prevail.