Qingdao's foreign trade up 2.5% in first five months
According to statistics from Qingdao customs, in the first five months of this year, the total value of imports and exports in Qingdao reached 237.44 billion yuan ($33.51 billion), up 2.5 percent year-on-year and accounting for 30.7 percent of Shandong's total.
The city's exports were valued at 138.36 billion yuan, up 7.5 percent, while imports totaled 99.08 billion yuan, down 3.8 percent.
The eastern coastal city of Qingdao, Shandong province [Photo/dzwww.com]
General trade between Qingdao and foreign countries was valued at 161.83 billion yuan, up 15.5 percent and accounting for 68.2 percent of the city's total foreign trade.
Foreign trade by private enterprises in Qingdao was valued at 150.3 billion yuan, up 12.3 percent and accounting for 63.3 percent of the city's total foreign trade.
Foreign trade by foreign-funded enterprises in Qingdao was valued at 58.02 billion yuan, down 10.1 percent, and foreign trade by state-owned enterprises was valued at 28.56 billion yuan, down 11.7 percent.
The ASEAN (Association of Southeast Asian Nations) was Qingdao's largest trade partner, with imports and exports valued at 33.26 billion yuan, up 28.9 percent and accounting for 14 percent of Qingdao's total imports and exports.
The European Union was the city's second largest trade partner, with imports and exports valued at 31.23 billion yuan, up 11.9 percent and accounting for 13.2 percent of the city's total foreign trade.
The United States was the city's third largest trading partner, with imports and exports totaling 25.49 billion yuan, down 7 percent.
Trade between Qingdao and countries involved in the Belt and Road Initiative increased significantly, reaching a value of 69.05 billion yuan, up 15.6 percent and accounting for 29.1 percent of the city's total foreign trade.
Qingdao's imports and exports to Japan increased by 5.2 percent, while trade with South Korea, Brazil, Australia, and Russia fell 8.1 percent, 16.2 percent, 6.4 percent, and 10.6 percent, respectively.
The city saw a boom in cross-border e-commerce, with imports and exports through the customs cross-border e-commerce management platforms reaching a value of 860 million yuan, 6.3 times more than the same period last year.
Cross-border direct purchase exports were valued at 490 million yuan, increasing by a factor of 7.9, while bonded imports from online shopping were valued at 360 million yuan, increasing by a factor of 6.7.