Qingdao's import-export value exceeds 500 billion yuan in 2017

According to statistics from the Qingdao Municipal Commerce Bureau, the total value of Qingdao's imports and exports reached 503.35 billion yuan ($79.67 billion) in 2017, a 15.7 percent increase from the previous year.

The coastal city's export value grew by 7.5 percent, reaching 303.18 billion yuan, while imports increased by 30.8 percent, reaching 200.17 billion yuan in 2017.

Containers are loaded onto a ship at a terminal in Qingdao, Shandong province. [Photo/China Daily]

The city's import-export growth rate is higher than the averages of both the country and of Shandong province.

According to the Qingdao Municipal Commerce Bureau, the city's import-export structure has been consistently improving.

The export of mechanical and electrical products rose by 13.4 percent, accounting for 44.5 percent of the city's total export value.

The export of hi-tech products increased by 11.6 percent, accounting for 10 percent of total exports.

General trade exports increased by 7.7 percent, accounting for 64 percent of the city's total export value.

Night view of downtown Qingdao, whose GDP ranks third among China's northern cities. [Photo byYan Zhendong/For China Daily]  

The city's exports to traditional markets increased by 10.6 percent from the year before, while exports to Belt and Road countries grew by 6.8 percent.

The city's cross-border e-commerce imports and exports skyrocketed, increasing by 102.3 percent and reaching a total value of 24.28 billion yuan, higher than any other city in the country.

A new model for foreign trade shifted the city's drivers of growth from old to new.

The import and export value of comprehensive foreign trade service enterprises reached 9.61 billion yuan in 2017, up 93.9 percent from the previous year, giving new impetus to foreign trade.

The import of consumer goods increased by 12.5 percent, while beef imports rose 50.1 percent, mutton rose 141 percent, dairy products rose 106.6 percent, and fruits rose 21.4 percent.

Qingdao in East China's Shandong province has beautiful beaches and great views. [Photo provided to China Daily