Yantai's foreign trade volume ranks 2nd in Shandong

Yantai's foreign trade volume rose by 6.2 percent year on year to 307 billion yuan ($48 billion) in 2017, accounting for 17.2 percent of the total volume in Shandong province, the second highest in the province, official data showed on Jan 17, 2018.

According to the Yantai Administration of Customs the city's exports increased in 2017 by 6 percent to reach 173 billion yuan, while its imports surged by 6.5 percent to 134 billion yuan.

The volume of processing trade in Yantai exceeded 161 billion yuan in 2017, more than 50 percent of the city's foreign trade volume.

Last year South Korea became Yantai's largest trading partner and import source; Yantai's trade with South Korea reached 53.6 billion yuan.

The US has become Yantai's second largest trading partner and its largest export destination. In 2017, trade between Yantai and the US increased by 11.9 percent to 53.2 billion yuan.

The city's trade with countries and regions involved in China's Belt and Road Initiative also saw rapid growth, as did imports of mechanical and electrical products and bulk commodities.