West Coast New Area

Qingdao's foreign trade up 3.2% in Jan-April period

( | 2024-05-16

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Qingdao in Shandong province boasts a vibrant economy. [Photo/WeChat account: qd12301]

According to Qingdao Customs statistics, in the first four months of the year, the total import and export volume of Qingdao reached 280.34 billion yuan ($38.82 billion), growing by 3.2 percent year-on-year and accounting for 26.8 percent of the total foreign trade value of Shandong during the same period.

Specifically, exports totaled 162.36 billion yuan, an increase of 9.4 percent year-on-year, while imports totaled 117.98 billion yuan, a decrease of 4.3 percent year-on-year.

In the first four months, Qingdao's exports of electromechanical products reached 81.35 billion yuan, an increase of 13.2 percent year-on-year and accounting for 50.1 percent of the city's total export value. Imports of electromechanical products amounted to 24.31 billion yuan, up 53.5 percent year-on-year and accounting for 20.6 percent of its total import value.

Smart home appliances have played a strong role in driving growth of the city's foreign trade, specifically exports. In the first four months, exports of household appliances from Qingdao were valued at 13.34 billion yuan, an increase of 30.2 percent year-on-year. During the same period, exports of automotive parts were valued at 7.47 billion yuan, an increase of 6.3 percent year-on-year, while container exports totaled 5.84 billion yuan, an increase of 88.3 percent year-on-year.

Imports and exports of Qingdao's general trade grew rapidly. In the first four months, Qingdao's general trade grew 11.5 percent to 195.27 billion yuan, accounting for 69.7 percent of the city's total import and export value.

Imports and exports of foreign-funded enterprises increased significantly. During the January to April period, the import and export volume of foreign-invested enterprises in Qingdao reached 56.39 billion yuan, up 16.6 percent year-on-year. State-owned enterprises' import and export volume reached 31.78 billion yuan, an increase of 3.8 percent year-on-year.

Total foreign trade to the European Union (EU) grew significantly. In the first four months, the top five trading partners of Qingdao were the Association of Southeast Asian Nations, the EU, the United States, Japan, and South Korea, accounting for 53.1 percent of Qingdao's total import and export value.