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Shandong's 2023 foreign trade report card is here: Highlights amidst resilience

Recently, Shandong's 2023 foreign trade performance report was released: The total annual import and export value was 3.26 trillion yuan, a year-on-year increase of 1.7%; exports were 1.94 trillion yuan, up 1.1%; imports were 1.32 trillion yuan, up 2.7%. The growth rates of imports and exports, exports, and imports all generally outperformed the national average. Against the backdrop of a more complex global foreign trade situation last year, Shandong's foreign trade demonstrated ample resilience in 2023, contributing to the stability of the national foreign trade foundation. Analyzing various situations, Shandong's imports and exports showed resilience while also presenting frequent highlights last year. Firstly, the diversification of trading partners. In 2023, Shandong's trading partners spanned over 230 countries and regions worldwide. Among them, imports and exports to countries jointly building the 'Belt and Road' amounted to 1.84 trillion yuan, an increase of 3.3%, accounting for 56.3% of the province's total import and export value, an increase of 0.8 percentage points. Over the ten years since the 'Belt and Road' initiative was proposed, Shandong has accelerated its efforts to serve the national opening-up strategy, continuously consolidating the win-win situation with co-building countries. In 2023, while consolidating traditional foreign trade markets, Shandong actively explored emerging markets such as ASEAN and Africa, deeply implementing the 'Overseas Hundred Exhibitions Market Expansion Plan'. Provincial and municipal levels cumulatively organized over 3,600 enterprises to participate in more than 530 overseas exhibitions, further expanding the 'circle of friends' in foreign trade. Secondly, foreign trade entities have shown ample vitality. In 2023, foreign trade entities with import and export records in Shandong Province exceeded 68,000, an increase of over 4,000 from the previous year. Among them, private enterprises totaled 62,300, with combined imports and exports of 2.42 trillion yuan, up 3.9%, accounting for 74.3% of the province's total import and export value, an increase of 1.6 percentage points, driving the province's growth by 2.8 percentage points, highlighting their role as the main force in foreign trade. In 2023, facing the impact of various unfavorable factors on foreign trade, Shandong strengthened policy support, focusing on issues such as sluggish external demand and insufficient orders. It researched and issued 'Several Measures to Promote Stable Scale, Optimized Structure, and High-Quality Development of Foreign Trade and Investment', 'Shandong Province Cross-border E-commerce Leapfrog Development Action Plan (2023-2025)', 'Several Policies to Promote Stable Scale and Optimized Structure of Foreign Trade', and others, proposing over 60 specific measures to stabilize the confidence of foreign trade enterprises. The vitality of foreign trade entities, especially private enterprises, confirms that these policy measures have played a positive role. Thirdly, the rise of new drivers in foreign trade. In 2023, China surpassed Japan to become the world's largest automobile exporter, with new drivers represented by the foreign trade 'new three items' showing outstanding performance, becoming new growth points for foreign trade. Shandong has a solid foundation in the automobile manufacturing industry and complete industrial infrastructure, possessing a late-mover advantage in developing the foreign trade 'new three items'. In 2023, Shandong's exports of the foreign trade 'new three items' products amounted to 9.39 billion yuan, a year-on-year increase of 47.3%. Looking back at 2023, Shandong's foreign trade import and export scale showed steady growth, and the quality of development improved. Looking ahead to 2024, although the external economic environment still presents uncertainties, the trend of China's economic recovery and long-term improvement remains unchanged. Shandong possesses a solid industrial foundation, and the transformation of old and new growth drivers is continuously deepening, with factors supporting high-quality development continuously accumulating. In the new year, as policy effects gradually become apparent and high-level opening-up steadily progresses, Shandong's foreign trade foundation will continue to be consolidated, and the basis for stable import and export growth, improved quality, and increased efficiency will be further strengthened.

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01-24

Shandong's 2023 foreign trade report card is here: Highlights amidst resilience

Africa Economic Outlook 2023: North Africa's economy grew by 4.6% in 2023, with South Africa hindering Southern Africa's economic recovery.

In July, the African Development Bank (AfDB) released its latest African regional economic outlook. The AfDB data indicates that the African economy will maintain strong recovery momentum in the medium term, with growth rates exceeding the global average. Regionally, North Africa will see a slight uptick, with economic growth reaching 4.6% in 2023. Southern Africa's economic growth is slowing, lagging behind other regions of Africa. In a previous article, we interpreted the strong recovery momentum of the East and West African economies based on the AfDB report. In this article, we will focus on interpreting the economic growth of North and Southern African countries, and take a look at the economic prospects of these two regions. North Africa's economic growth reached 4.6% in 2023, highlighting the need for economic diversification AfDB data shows that the macroeconomic outlook for North Africa remains positive, exceeding the African average. North Africa's economic growth is projected to increase slightly to 4.6% and 4.4% in 2023 and 2024 respectively. Growth in the region is mainly driven by the service sector, particularly trade and tourism. From a national perspective, compared to 2022, Egypt's real GDP growth rate is expected to decline by 2.2 percentage points in 2023, and Tunisia by 0.5 percentage points. Libya's economy is expected to see a significant recovery in 2023, with real GDP growth reaching as high as 17.9%. Algeria's economic growth is expected to rise slightly, reaching 3.1% in 2023. Morocco will recover from the 2022 drought, with economic growth increasing significantly to 3.3%. The North Africa Economic Outlook 2023 report also shows that North Africa's economic growth in 2022 was moderate, with GDP growth at 4.1%, lower than 5.4% in 2021. North African countries are struggling to cope with rising inflation and challenges to growth recovery. Inflation in the region continues to rise, from 4.6% in 2021 to 8.2% in 2022, leading most North African countries to implement restrictive monetary policies. Inflation is expected to rise further to double digits in 2023, reaching 14.2%, before falling to 6.9% in 2024. Poverty and unemployment rates, particularly youth unemployment, have recently risen, highlighting the need to strengthen the region's economic resilience and diversification. To maintain inclusive growth, the region needs to implement structural reforms, promote private sector development, improve productivity and employability, and create jobs. Southern Africa's economic outlook is bleak, with economic growth slightly recovering to 2.7% in 2024 The AfDB's latest Southern Africa economic report points out that, significantly impacted by internal conflicts, power crises, and natural disasters, the economic outlook for Southern Africa is bleak, with GDP growth lagging behind other regions of Africa. Over the past year, Southern Africa's economic growth has slowed, with South Africa, the largest economy, facing multiple challenges. Data from the AfDB's South Africa Economic Outlook 2023 report shows that in 2022, Southern Africa's GDP growth barely reached 2.7%, well below the global and African averages of 3.4% and 3.8%. The report projects that growth in the region will slow further to 1.6% in 2023, before improving slightly to 2.7% in 2024. The Southern Africa report links the region's slow performance to "South Africa's persistent political and structural problems dragging down regional growth, and the ongoing Russia-Ukraine conflict putting pressure on energy and food prices." The report expects external debt across Southern Africa to reach 48% by 2022, and the high external debt burden will further hinder its economic recovery. The Southern Africa report also notes that declining per capita income growth in most countries in the region threatens the growth rate needed for poverty reduction, while weak growth also puts pressure on youth employment. Unemployment is described as "one of the biggest challenges in the region." According to AfDB forecasts, supported by positive factors, the African economic recovery is developing favorably, GDP will maintain sustained growth, and in the medium term, African economic growth will exceed the global average. However, regional differences remain, and the economic performance of different regions and countries will vary. The AfDB predicts that the macroeconomic outlook for North Africa remains positive, exceeding the African average. Southern Africa, however, is severely affected by climate change, and the medium-term economic outlook is poor. Source: Baijing Chuhai

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01-23

Africa Economic Outlook 2023: North Africa's economy grew by 4.6% in 2023, with South Africa hindering Southern Africa's economic recovery.

2023 US Entry Policy & Visa Guide: No pre-departure nucleic acid test required for entry to the US! Only vaccination is needed!

Visa Travel Guide US B1/B2 Business, Tourism, and Family Visit Visa Visa Application Materials Basic Materials: ① Non-immigrant visa electronic application form (DS-160) ② Valid passport for travel to the United States, valid for at least six months beyond the intended stay in the US ③ One 2-inch x 2-inch (5.1 cm x 5.1 cm) photograph taken within the last six months ④ Interview appointment letter Supporting Materials: ① Current income proof, tax returns, property certificate or business ownership certificate, proof of assets. ② Itinerary and/or other explanations of travel plans. ③ Letter of introduction from the applicant's employer, detailing the applicant's position, salary, start date, whether leave is approved, purpose of business activities in the US (if any), etc. ④ Criminal/court records (regardless of arrest or conviction anywhere, even if the sentence has been served or pardoned) Students also need to provide: Transcripts and degree certificates/diplomas, as well as bank statements, fixed deposit certificates, etc., as proof of funds. Employees need to provide: Employment certificate issued by the company and salary slips for the last three months. Entrepreneurs and company executives: Please bring proof of position and salary from your company. Family visitors need to provide: Household registration book or other documents proving true family relationship, recent photos with US relatives, copies of relatives' US passports or green cards (if relatives are in the US for a short stay, copies of their passports and US visas should be provided), etc. Those with previous US travel experience should bring: Documents proving the corresponding identity or visa status, especially all previously used US visas (including expired visas). Application Method Complete the DS-160 application form, pay the visa fee, schedule an interview, and attend the interview at the US embassy or consulate general at the appointed time. Estimated Issuance Time Visa processing time is generally three working days, but the specific processing time for individual cases may vary depending on individual circumstances and special requirements. Information on US Consulates in China US Embassy in China Address: 55 Anjia Lou Lu, Beijing Jurisdiction: Beijing, Tianjin, Gansu, Hebei, Henan, Hubei, Hunan, Inner Mongolia, Jiangxi, Ningxia, Shandong, Shaanxi, Shanxi, Qinghai and Xinjiang US Consulate General (Guangzhou) Address: Huaxia Road, Zhujiang New Town, Tianhe District, Guangzhou (near Exit B1 of Zhujiang New Town Station on Metro Line 3 or 5). All visa applicants with scheduled interviews should go to the consular guest entrance on Huaxia Road. Jurisdiction: Fujian, Guangdong, Guangxi, Hainan US Consulate General (Shanghai) Address: 8th Floor, Meilongzhen Plaza, 1038 Nanjing West Road, Shanghai Jurisdiction: Anhui, Jiangsu, Shanghai, Zhejiang US Consulate General (Shenyang) Address: 52 Shisi Wei Lu, Heping District, Shenyang Jurisdiction: Heilongjiang, Jilin, Liaoning Entry into the US COVID-19 Prevention Requirements On March 10, 2023, the Centers for Disease Control and Prevention lifted the requirement for air passengers from China (including the Hong Kong and Macao Special Administrative Regions) to present a negative COVID-19 test or recovery documentation before boarding a flight to the United States. According to the latest news from the US Visa Center website, air travelers entering the United States from the People's Republic of China (PRC) (including the Hong Kong and Macao Special Administrative Regions) do not need to undergo COVID-19 testing. Non-immigrant travelers still need to provide proof of COVID-19 vaccination.

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01-23

2023 US Entry Policy & Visa Guide: No pre-departure nucleic acid test required for entry to the US! Only vaccination is needed!

In 2023, Shandong Province's import and export trade with countries participating in the Belt and Road Initiative increased by 3.3%.

On the afternoon of January 17, the Information Office of Shandong Provincial People's Government held a press conference, inviting relevant officials from Qingdao Customs and Jinan Customs to introduce the situation of Shandong Province's foreign trade import and export in 2023.At the press conference, Zhang Yibing, Deputy Commissioner of Jinan Customs, introduced Shandong Province's import and export situation with "Belt and Road" partner countries in the first half of 2023.According to Zhang Yibing, over the past year, Shandong Province has achieved smoother customs clearance and closer trade ties with "Belt and Road" partner countries, playing an increasingly prominent role in promoting high-quality development of Shandong's foreign trade.Data shows that in 2023, Shandong Province's import and export with partner countries reached 1.84 trillion RMB, a year-on-year increase of 3.3%. Among these, exports were 995.3 billion RMB, up 4.8%; imports were 843.45 billion RMB, up 1.5%. The main characteristics are as follows:First, trade ties have become closer, and the scale of import and export has steadily expanded. Since the "Belt and Road" Initiative was proposed, Shandong Province's trade volume with partner countries has repeatedly hit new highs. In 2019 and 2022, it successively crossed the 1 trillion and 1.5 trillion RMB thresholds, respectively. In 2023, the import and export value reached 1.84 trillion RMB, accounting for 56.3% of the province's total foreign trade, with both scale and proportion being the highest levels since the initiative's inception.Second, partnerships have become closer, with import and export growth achieved with most partner countries. Against the backdrop of weak recovery in developed economies in Europe and America, "Belt and Road" countries, mainly emerging markets, have taken over and become important partners supporting our province's foreign trade growth. In 2023, Shandong Province achieved import and export growth with 107 partner countries, with trade with Malaysia, Russia, and Guinea growing by 22.4%, 27.6%, and 22.5% respectively.Third, foreign trade entities continue to grow, with private enterprises being the most dynamic. Private enterprises' participation in trade with partner countries continues to increase. In 2023, a total of 53,000 enterprises in Shandong Province deepened their presence in the "Belt and Road" market, an increase of 3,891. Among these, 48,500 were private enterprises, achieving an import and export value of 1.44 trillion RMB, an increase of 5.3%, and their share increased by 1.5 percentage points to 78.1%, driving the import and export growth with partner countries by 4 percentage points.Fourth, new and old growth drivers work in synergy, making industrial connections smoother. In 2023, Shandong Province's exports of mechanical and electrical products to partner countries reached 446.86 billion RMB, an increase of 12.8%, accounting for 44.9%. Among these, exports of "new three" products such as electric manned vehicles, lithium-ion batteries, and solar cells increased by 32%; exports of clothing and furniture increased by 17.6% and 39.7% respectively. The connection between partner countries and our province's industrial and supply chains is becoming closer, with 57% of our province's intermediate products exported to partner countries. Among these, automotive parts, chemical fiber textile raw materials, and ferroalloys increased by 22.5%, 117.4%, and 519.7% respectively.Fifth, trade cooperation in agricultural and energy products continues to deepen. Since the "Belt and Road" Initiative was proposed, the depth and breadth of Shandong Province's cooperation with partner countries in agricultural and energy products have continuously expanded. Partner countries have become important agricultural trade partners and sources of energy products for our province. In 2023, our province's agricultural trade volume with partner countries reached 124.73 billion RMB, accounting for 39.6% of our province's total agricultural trade. In terms of energy products, our province continues to strengthen energy cooperation with Middle Eastern and Central Asian partner countries, as well as Russia. The scale of energy product imports from partner countries reached 355.69 billion RMB, increasing its share of the province's total energy imports to 94.4%.Zhang Yibing stated that it has been ten years since the "Belt and Road" Initiative was proposed. Over these ten years, the mutually beneficial and win-win situation between our province and partner countries has continued to consolidate. Looking ahead to the next decade, the joint construction of the "Belt and Road" will bring new opportunities and broader development prospects for Shandong Province's high-quality foreign trade development. Next, Qingdao Customs and Jinan Customs will continue to contribute to promoting safe and smooth trade with partner countries and advancing the high-quality joint construction of the "Belt and Road" for sustained and long-term development.

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01-23

In 2023, Shandong Province's import and export trade with countries participating in the Belt and Road Initiative increased by 3.3%.

In 2023, Shandong's total foreign trade value reached 3.26 trillion yuan, a year-on-year increase of 1.7%.

Jinan, Shandong Province, January 17 (Xinhua) -- Shandong Province's total import and export value reached 3.26 trillion yuan (RMB, the same below) in 2023, a year-on-year increase of 1.7%, according to a press conference held by the Shandong Provincial People's Government on January 17. Exports and imports reached 1.94 trillion yuan and 1.32 trillion yuan respectively, with year-on-year growth rates of 1.1% and 2.7%. The growth rates of foreign trade import and export, export, and import all exceeded the national average. According to Shi Yong, deputy director of Qingdao Customs, in 2023, Shandong's trading partners spanned more than 230 countries and regions worldwide. Import and export trade with countries participating in the Belt and Road Initiative reached 1.84 trillion yuan, a year-on-year increase of 3.3%, accounting for 56.3% of the province's total foreign trade; import and export trade with ASEAN and the EU reached 649.86 billion yuan and 297.59 billion yuan respectively, with year-on-year growth rates of 4.5% and 3.5%; import and export trade with Latin America, Africa, Central and Eastern Europe, and the five Central Asian countries showed year-on-year growth rates of 3%, 4.7%, 18.6%, and 18.1% respectively. "Wheeled excavators are our flagship products, and orders for both production lines are full until March this year." At the Dezhou (Yucheng) National High-tech Industrial Development Zone in Shandong Province, all production lines at Dimeng Heavy Industry Machinery Co., Ltd. are operating at full capacity. General Manager Wang Rongliang said that the company's products are mainly used for road maintenance, earthwork construction, and forestry construction, and exports in 2023 increased by 90% year-on-year. Wang Rongliang said that as a private enterprise, focusing on international markets, optimizing products, and expanding markets is a common understanding of the company and its more than 200 parts suppliers for future development. In 2024, the company's management has planned overseas visits, and developing markets in countries participating in the Belt and Road Initiative is a key direction. "I plan to spend most of this year abroad, mainly visiting clients, understanding their needs, and exploring broader markets." In recent years, the role of the private economy in driving the development of foreign trade in Shandong has become increasingly prominent. In 2023, there were more than 68,000 foreign trade operators with import and export records in the province, an increase of more than 4,000 compared to the previous year. Among them, there were 62,300 private enterprises, with a total import and export value of 2.42 trillion yuan, a year-on-year increase of 3.9%, accounting for 74.3% of the province's total import and export value, and maintaining its position as the largest foreign trade operator in Shandong for 12 consecutive years. Shi Yong said that from a market perspective, Russia is the largest incremental market for private enterprises in Shandong. In 2023, Shandong's import and export trade with Russia reached 229.6 billion yuan, a year-on-year increase of 31.8%, accounting for 9.5% of the province's total import and export value of private enterprises, a net increase of 55.45 billion yuan, and contributing 60.7% to the growth of private enterprise foreign trade. As a major agricultural province in China, Shandong exported 147.6 billion yuan worth of agricultural products in 2023, a year-on-year increase of 6.3%, setting a new historical high and accounting for 21.2% of the country's total agricultural product exports, maintaining its position as the largest exporter of agricultural products. Zhang Yibing, deputy director of Jinan Customs, said that among the agricultural products exported by Shandong in 2023, the export growth rate of deep-processed products with higher added value was 6.6%, and their proportion increased to 47.9%. "The company's development has exceeded expectations. In just six months, durian sales reached 50 million yuan, and the total import and export value is expected to exceed 500 million yuan in 2024." Shanbei Gigi (Shandong) International Trade Co., Ltd., located in the Weifang Comprehensive Bonded Zone in Shandong Province, is a cross-border e-commerce company engaged in the sales of tropical fruits, frozen meat, and other products. General Manager Hu Wen said that with the help of the cold chain warehouse and smooth logistics of the integrated operation center, the company's operating costs have been greatly reduced, and this year, all processing and logistics businesses previously conducted elsewhere have been transferred to the Weifang Comprehensive Bonded Zone. Yu Fengjie, deputy secretary of the Party committee and chairman of Weifang Comprehensive Bonded Zone Investment Development Co., Ltd., said that the "four-in-one" integrated operation center of the bonded zone can realize the same-site supervision and one-stop customs clearance of four business types: cross-border e-commerce 1210 and 9610, international express, and international mail. From January to November 2023, the cross-border e-commerce import and export volume of the bonded zone increased by 49% year-on-year, accounting for 56.8% of the total volume in Weifang City, and the 1210 export business volume ranked first among comprehensive bonded zones in Shandong Province. Diverse trade forms continue to add new "channels" to the development of foreign trade in Shandong. In 2023, Shandong's general trade import and export reached 2.13 trillion yuan, a year-on-year increase of 2.4%, accounting for 65.2% of the province's total import and export value. Among them, bonded logistics import and export reached 532.01 billion yuan, a year-on-year increase of 2.2%; processing trade import and export reached 514.37 billion yuan, a year-on-year increase of 1.8%. In the view of Shi Yong, deputy director of Qingdao Customs, Shandong's export-oriented economy is mainly supported by manufacturing, and intermediate goods import and export have become an important driving force for the province's foreign trade development. In 2023, Shandong's intermediate goods import and export reached 2.04 trillion yuan, accounting for 62.6% of the province's total import and export value, 1.5 percentage points higher than the national average. In terms of exports, in 2023, Shandong exported 963.18 billion yuan worth of intermediate goods, accounting for 49.6% of the province's total exports. ASEAN is the largest market for Shandong's intermediate goods exports, with exports reaching 159.88 billion yuan in 2023, accounting for 54.2% of the province's total exports to ASEAN; exports of intermediate goods to Vietnam, Malaysia, Thailand, Indonesia, and Singapore all exceeded 200 billion yuan. In 2023, Shandong imported 1.08 trillion yuan worth of intermediate goods, accounting for 81.8% of the province's total imports, including 376.73 billion yuan of energy products, 195.3 billion yuan of metal ores, and 154.88 billion yuan of electromechanical intermediate goods. Shi Yong said that as a coastal province, Shandong has imported a large amount of raw materials and components through seaports, playing an important role in ensuring the stability and smooth flow of industrial chains and supply chains in Shandong and even China, and also providing broad market space for global suppliers. According to customs statistics, in 2023, the export value of Shandong's "new three major items" reached 9.39 billion yuan, a year-on-year increase of 47.3%, among which the growth rate of lithium-ion batteries and electric passenger vehicles both exceeded 100%. Shi Yong said that electric passenger vehicles, lithium-ion batteries, and solar cells, as the "new three major items" of foreign trade, have become new trends in Shandong's industrial development and new drivers of foreign trade growth. (End)

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01-22

In 2023, Shandong's total foreign trade value reached 3.26 trillion yuan, a year-on-year increase of 1.7%.
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