An aerial view of Qingdao Port in Shandong province on Aug 5. [Photo/IC]

In the first seven months of 2024, Qingdao's total import and export volume reached 516.61 billion yuan ($71.9 billion), marking a 1.2 percent year-on-year increase. This accounts for 27.2 percent of Shandong province's total trade value in the same period, according to Qingdao Customs.

Qingdao's exports amounted to 296.85 billion yuan, up 6.5 percent year-on-year, outpacing the provincial growth rate by 0.8 percentage points. Imports totaled 219.76 billion yuan.

Growth in general trade has been notable, reaching 341.39 billion yuan, up by 3.7 percent and accounting for 66.1 percent of Qingdao's foreign trade.

Qingdao's major trade partners include the EU, countries involved in the Belt and Road Initiative, and RCEP members. Trade with the EU rose by 9.9 percent to 63.14 billion yuan; trade with Belt and Road Initiative countries totaled 261.3 billion yuan, making up 50.6 percent of Qingdao's total foreign trade; and trade with RCEP member countries amounted to 185.85 billion yuan, accounting for 36 percent of the total.

Exports of machinery and electronics were particularly strong, totaling 150.02 billion yuan — an 11 percent increase — and accounting for 50.5 percent of total exports. This category includes a significant rise in exports of home appliances, automotive parts, and containers.