In the first three quarters of this year, the total value of Qingdao's foreign trade reached 622.59 billion yuan ($97.56 billion), up 36.6 percent year-on-year and an increase of 44.7 percent over the same period in 2019, according to statistics from Qingdao customs.

The city's imports and exports volume accounted for 29.4 percent of Shandong's total.

During this period, the city's exports totaled 351.52 billion yuan, up 29.4 percent year-on-year and up 44.4 percent over the same period in 2019. Imports reached 271.07 billion yuan, up 47.2 percent year-on-year and up 45.1 percent over the same period in 2019.

In September, the imports and exports volume of Qingdao reached 73 billion yuan, up 17.4 percent. Its exports reached 42.17 billion yuan, up 5.5 percent, while imports reached 30.83 billion yuan, up 38.8 percent.

The coastal city of Qingdao boasts a vibrant economy. [Photo/VCG]

In the first three quarters of this year, Qingdao's imports and exports of general trade reached 422.31 billion yuan, up 34.5 percent year-on-year, accounting for 67.8 percent of the city's total figure.

Imports and exports of processing trade reached 90.32 billion yuan, up 9.6 percent, while imports and exports of bonded logistics totaled 89.62 billion yuan, up 68.3 percent.

Private companies continued to dominate the city's foreign trade. During this period, the imports and exports volume of private enterprises in Qingdao reached 414.2 billion yuan, up 40.4 percent year-on-year, accounting for 67 percent of the city's total.

Imports and exports of foreign-invested enterprises reached 128.93 billion yuan, up 21.4 percent, while the figure for State-owned enterprises hit 78.24 billion yuan, up 47 percent.

Qingdao Port, one of the busiest ports in the world [Photo/VCG]

From January to September, Qingdao imported and exported 96.63 billion yuan, 74.07 billion yuan and 72.11 billion yuan worth of goods to ASEAN (Association of Southeast Asian Nations), EU and the US respectively, up 53.7 percent, 21.8 percent and 35.7 percent and accounting for 15.5 percent, 11.9 percent and 11.6 percent of the city's total.

The imports and exports of Qingdao to South Korea, Japan and Brazil increased by 39.8 percent, 15.3 percent and 30.9 percent respectively.

Qingdao's trade with countries and regions involved in the Belt and Road Initiative reached 187.36 billion yuan, up 47.5 percent, accounting for 30.1 percent of the city's total.

Its imports and exports to RCEP members reached 235.73 billion yuan, up 42.6 percent, accounting for 37.9 percent of the city's total.