Shandong Province Sees Strong Resilience in Foreign Trade Amid Turbulent Global Environment

Shandong Province in China's Shandong Province has demonstrated robust resilience in its foreign trade sector, with exports and imports growing by 6.6% and 8.5% year-on-year, respectively, to reach a total foreign trade volume of 2.04 trillion yuan, a year-on-year increase of 7.3%. This strong performance is notable given the complex and volatile international trade landscape, with the World Trade Organization forecasting a 1.8% growth in global merchandise trade in 2026, down from a previous forecast of 2.5%.

Key Takeaways:

• Shandong Province's foreign trade data for the first seven months showed a resilience in the face of turbulent global trade, with exports growing by 6.6% year-on-year and imports growing by 8.5% year-on-year.
• Shandong Huayuan Laidong Internal Combustion Engine Co., Ltd. reported a year-on-year increase of 15% in diesel engine exports, with sales covering dozens of countries and regions, including Southeast Asia, Central Asia, Eastern Europe, Africa, and South America.
• Shandong's engineering and electronics exports accounted for 48.2% of its total exports, a lower proportion than that of Jiangsu Province, indicating that while Shandong's export structure still lags behind, it is transforming towards a higher-end zone.
• Shandong's manufacturing industry must focus on independent innovation to move to the top of the global manufacturing value chain, according to Gu Chuntai, a researcher at the Shandong Academy of Social Sciences.
• Nationwide, imports and exports with countries and regions participating in the Belt and Road Initiative totaled 13.29 trillion yuan, a 5.5% increase in the first seven months of the year; Shandong Province accounted for 64.3% of the total, with a 10.3% increase.
• Shandong's private enterprises played a key role in the province's foreign trade sector, with imports and exports growing by 8.5% year-on-year in the first seven months, accounting for 75.9% of the province's total foreign trade.

Statistics:

• Total foreign trade volume: 2.04 trillion yuan
• Export growth rate: 6.6% year-on-year
• Import growth rate: 8.5% year-on-year
• Global merchandise trade growth forecast for 2026: 1.8%
• Nationwide imports and exports with Belt and Road participating countries: 13.29 trillion yuan (5.5% increase)
• Shandong Province imports and exports with Belt and Road participating countries: 1.31 trillion yuan (10.3% increase)
• Shandong Province private enterprises' imports and exports growth rate: 8.5% year-on-year

Sources:

• Jinan News Release
• Shandong Academy of Social Sciences
• World Trade Organization
• Shandong Province Customs Department
• Yantai Jereh Oilfield Services Group Co., Ltd.
• Qingdao Teride Electric Co., Ltd.
• Shandong Province Commerce Department