The eastern coastal hub of Qingdao, Shandong province generated around 697.56 billion yuan (about $109.17 billion) in imports and exports in the first 10 months of this year, up 36.7 percent year-on-year and 45.8 percent higher than the same period in 2019, according to Qingdao customs statistics.

A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

Over this period, the city's exports reached 394.38 billion yuan, up 29.5 percent year-on-year and up 46 percent over the same period in 2019. Its imports totaled 303.18 billion yuan, up 47.5 percent year-on-year and up 45.6 percent compared to 2019.

In the first 10 months, the imports and exports of Qingdao's general trade reached 472.93 billion yuan, up 34.5 percent year-on-year, accounting for 67.8 percent of the city's total. Its trade in bonded logistics totaled 102.65 billion yuan, up 68.7 percent, while imports and exports of processing trade reached 99.68 billion yuan, up 9.7 percent.

Private enterprises continued to dominate the city's foreign trade, with the volume of imports and exports hitting 464.85 billion yuan, up 40.6 percent, accounting for 66.6 percent of the city's total.

The foreign trade volume of foreign-invested enterprises in Qingdao reached 143.02 billion yuan, up 20.6 percent year-on-year, while the figure of State-owned enterprises stood at 88.39 billion yuan, up 49.3 percent.

In the first 10 months, Qingdao's imports and exports to ASEAN, EU and the US, its top three trading markets, were 109.05 billion yuan, 81.3 billion yuan and 80.85 billion yuan respectively, up by 54.9 percent, 20.9 percent and 34.8 percent,.

The city's trade with South Korea, Japan and Brazil increased by 39.4 percent, 16.3 percent and 29 percent respectively during this period.

The city's trade with countries and regions involved in the Belt and Road Initiative reached 210.33 billion yuan, up 48 percent. Its imports and exports to other RCEP members reached 264.66 billion yuan, up 42.8 percent.