The import and export value of the eastern port city of Qingdao, Shandong province surged 39.3 percent year-on-year in the first two months of this year, hitting 114.41 billion yuan ($17.61 billion) and accounting for 29.8 percent of the province's total, said Qingdao customs.

During the same period, the city's exports reached 67.78 billion yuan, up 57.5 percent from the previous year, while its imports stood at 46.63 billion yuan, up 19.2 percent.

Containers are unloaded at Qingdao Port in Qingdao, Shandong province. [Photo/VCG]

From January to February, Qingdao's general trade import and export reached 81.19 billion yuan, an increase of 50.8 percent, accounting for 71 percent of the city's total.

The city's processing trade was valued at 19.53 billion yuan, up 35.2 percent, and accounting for 17.1 percent of the city's total, while its bonded logistics import and export recorded 11.13 billion yuan, down 9.6 percent, and accounting for 9.7 percent of the city's total.

The foreign trade volume of the city's private enterprises hit 75.28 billion yuan, an increase of 54.6 percent, accounting for 65.8 percent of the city's total.

The port city of Qingdao, Shandong province boasts a vibrant economy. [Photo/VCG]

The import and export of foreign-invested enterprises in Qingdao reached 25.57 billion yuan, up 17.7 percent, accounting for 22.3 percent of the city's total, while the foreign trade value of local State-owned enterprises stood at 13.17 billion yuan, up 15.3 percent, accounting for 11.5 percent of the city's total.

During this period, the Association of Southeast Asian Nations became the largest trade market for Qingdao, posting a trade volume of 16.84 billion yuan, up 38.5 percent and accounting for 14.7 percent of the city's total.

The United States was the city's second largest trade market, with imports and exports reaching 16.24 billion yuan, up 91.7 percent, accounting for 14.2 percent of the city's total.

The European Union was the city's third largest trade market, with imports and exports hitting 14.48 billion yuan, an increase of 36.5 percent, accounting for 12.7 percent of the city's total.

Qingdao's trade with countries involved in the Belt and Road Initiative stood at 33.29 billion yuan, up 30.7 percent year-on-year, accounting for 29.1 percent of the city's total.