Qingdao reports surging foreign trade in H1

Qingdao Port in Shandong province. [Photo/VCG]

The eastern coastal city of Qingdao, Shandong province saw its foreign trade surge 9.2 percent year-on-year to reach 430.51 billion yuan ($60.08 billion) in the first half of this year, local customs authorities said.

During this period, combined imports of the city amounted to 198.09 billion yuan while exports came in at 232.42 billion yuan, rising 16.9 percent and 3.5 percent respectively, compared to the same period last year.

Major export items included mechanical and electrical products and labor-intensive goods, while main imported goods during the period were agricultural products and bulk commodities such as crude oil and refined oil products.

The import and export activities of private enterprises in the city remained vigorous. From January to June, they grew by 17.7 percent to reach 308.57-billion-yuan, accounting for 71.7 percent of the city's total foreign trade value.

Over this period, the Association of Southeast Asian Nations (ASEAN) was the largest trade market of Qingdao, with mutual trade volume increasing by 29.3 percent to hit 83.01 billion yuan, which accounted for 19.3 percent of the city's total.

The city's trade volume with the EU and the United States totaled 84.57 billion yuan and 47.18 billion yuan, respectively, up 8.9 percent and down 0.9 percent year-on-year.

Its trade with countries and regions involved in the Belt and Road Initiative totaled 159.04 billion yuan, up 28.2 percent, and accounted for 36.9 percent of the city's total.

This year marks the 10th anniversary of the launch of the Belt and Road Initiative. Qingdao will continue to enhance the connection of high-quality Belt and Road cooperation, promote trade and investment liberalization and facilitation, speed up the development of port infrastructure and regional and international logistic corridors, and ensure stable and smooth functioning of regional industrial and supply chains, said local officials