Qingdao's foreign trade rose 2.7 percent year-on-year in the first seven months of this year to 341.81 billion yuan ($49.25 billion) and accounted for 30 percent of the total import and export value of Shandong province, according to data from Qingdao customs.

Containers carrying goods for export are seen in Qingdao Port, East China's Shandong province. [Photo/qingdaonews.com]

The city's exports reached 198.59 billion yuan, 5.8 percent higher than the same period last year, while its imports amounted to 143.22 billion yuan, down 1.3 percent.

In July, Qingdao's imports and exports totaled 55.38 billion yuan, up 7.9 percent year on year. Its exports reached 31.25 billion yuan, up 10.9 percent while imports totaled 24.13 billion yuan, up 4.1 percent.

According to local customs authorities, the city's foreign trade decreased significantly in the first few months of the year due to the pandemic but rebounded quickly from March to April.

In the second quarter, imports fell sharply because of the dip in commodity prices. The global spread of COVID-19 also caused exports to fall sharply.

In July, as domestic production and consumer demand continued to recover, Qingdao achieved a month-on-month growth of 13.1 percent in foreign trade, with import value hitting a new high since May 2014.

In the first seven months, the imports and exports of Qingdao's general trade reached 232.09 billion yuan, up 14.4 percent year-on-year, accounting for 67.9 percent of the city's total foreign trade value and 6.9 percentage points higher than that of the same period last year.

The imports and exports of Qingdao's private enterprises reached 217.82 billion yuan, up 11.4 percent year-on-year and accounting for 63.7 percent of the city's total.

The imports and exports of foreign-invested enterprises in Qingdao reached 82.77 billion yuan, down 8.9 percent year-on-year, while that of State-owned enterprises reached 40.19 billion yuan, down 10.4 percent year-on-year.

From January to July, ASEAN (Association of Southeast Asian Nations) was the city's largest trade market, with trade volume reaching 46.22 billion yuan, a year-on-year increase of 21.4 percent, accounting for 13.5 percent of the city's total.

The European Union (excluding the UK) was the city's second largest trading market, with trade value hitting 45.4 billion yuan, up 9.9 percent year-on-year, accounting for 13.3 percent of the city's total.

The United States was the city's third largest market, with imports and exports reaching 37.99 billion yuan, down 4.2 percent year-on-year.