Uploaded containers are seen at Qingdao Port in Shandong province on Jan 9, 2023. [Photo/VCG]

The eastern coastal city of Qingdao, Shandong province saw its foreign trade increase by 8.4 percent year-on-year to 366.22 billion yuan ($50.63 billion) in the first five months of this year, according to Qingdao Customs.

The city's foreign trade accounted for 28.5 percent of the province's total in the period.

From January to May, the city's imports totaled 164.69 billion yuan, a year-on-year increase of 14.9 percent, while its exports amounted to 201.53 billion yuan, up 3.6 percent year-on-year.

Over this period, Qingdao's general trade imports and exports reached 236.37 billion yuan, accounting for 64.5 percent of the city's total. The imports and exports of bonded logistics hit 72.32 billion yuan, up 30.2 percent, while the figure for the processing trade was 53.15 billion yuan, up 9.7 percent.

Qingdao, Shandong province. [Photo/VCG]

Private enterprises continue to dominate the city's foreign trade. In the first five months, the foreign trade volume of local private enterprises grew by 17.4 percent to 264.83 billion yuan, accounting for 72.3 percent of the city's total.

The Association of Southeast Asian Nations (ASEAN), the United States and the European Union were the city's top three trading markets during this period, with trade volume hitting 67.91 billion yuan, 40.68 billion yuan, and 38.93 billion yuan, up 24.4 percent, 0.5 percent and 4.7 percent, respectively.

The city's trade volume with countries and regions involved in the Belt and Road Initiative reached 133.75 billion yuan, up 24.5 percent.