Shandong service trade exceeds 400b yuan in 2018

Containers carrying goods for export are seen in Qingdao Port, East China's Shandong province on Oct 19, 2018. [Photo/VCG]

According to the Department of Commerce of Shandong Province, the total import and export value in Shandong's service sector reached 406.09 billion yuan ($60.08 billion) in 2018, up 15.1 percent year-on-year.

The value accounted for 17.4 percent of the foreign trade in Shandong, an increase of 0.9 percent.

The service sector experienced rapid growth with exports up 15.2 percent to 194.85 billion yuan, and imports up 15 percent to 211.24 billion yuan.

Statistics show that Shandong's emerging service trade developed steadily while traditional service trade accelerated transformation and upgrading, yielding good results in international markets.

In the service sector, the value of foreign trade with Asia, the Americas, and Oceania were 220.10 billion yuan, 92.38 billion yuan, and 25.3 billion yuan respectively, up 24 percent, 21.8 percent, and 6.2 percent.

The import-export services trade between Shandong and countries involved in the Belt and Road Initiative totaled 51.52 billion yuan, a year-on-year increase of 7.1 percent.

In 2018, the total value of import and export in Shandong's emerging services reached 65.96 billion yuan, an increase of 9.8 percent.

Export in telecommunications, computer, and information services increased by 41 percent.  

Export of maintenance and repair services increased by 13.9 percent to 1.53 billion yuan, while the export of services such as R&D and design increased by 2.8 percent.

Import and export in construction, tourism, and transportation saw rapid growth, with increases of 17.2 percent, 20.9 percent, and 2.3 percent respectively.

Qingdao Port in Shandong, a representative of the province's port and shipping service enterprises, has independently implemented digital solutions in the construction of smart ports, setting a successful and creative example for the world.