Weifang's Foreign Trade Sees Steady Growth Amid Diversification

Weifang, a city in Shandong Province, has reported a steady growth in its foreign trade, with imports and exports reaching a total value of 219.22 billion yuan in the first seven months of the year, a year-on-year increase of 10.1%. This growth is attributed to the increasing role of private enterprises, which accounted for 85.4% of the city's total foreign trade, with imports and exports totaling 187.23 billion yuan and showing an 11.1% year-on-year increase.

The city's trade structure continues to optimize, with bonded logistics emerging as a new growth point, accounting for 35% of the city's total foreign trade value. ASEAN remained Weifang's largest trading partner, with imports and exports to the region reaching 54.24 billion yuan, an 8.8% year-on-year increase.

Key Takeaways:

• Weifang's foreign trade imports and exports reached 219.22 billion yuan in the first seven months of the year, a year-on-year increase of 10.1%.
• Private enterprises accounted for 85.4% of the city's total foreign trade, with imports and exports totaling 187.23 billion yuan and showing an 11.1% year-on-year increase.
• Bonded logistics emerged as a new growth point, accounting for 35% of the city's total foreign trade value.
• ASEAN remained Weifang's largest trading partner, with imports and exports to the region reaching 54.24 billion yuan, an 8.8% year-on-year increase.
• Weifang has actively expanded into emerging markets such as Latin America, the Middle East, and Africa, with imports and exports to these regions reaching 17.61 billion yuan, 14.49 billion yuan, and 11.72 billion yuan, respectively.
• Key categories performed particularly well in terms of export growth, with mechanical and electrical products, agricultural machinery, and auto parts and construction machinery showing significant increases.

Statistics:

• Total value of Weifang's foreign trade imports and exports in the first seven months of the year: 219.22 billion yuan
• Year-on-year increase of Weifang's foreign trade imports and exports: 10.1%
• Imports and exports of private enterprises in the first seven months of the year: 187.23 billion yuan
• Year-on-year increase of private enterprises' imports and exports: 11.1%
• Bonded logistics' share of Weifang's total foreign trade value: 35%
• Imports and exports to ASEAN in the first seven months of the year: 54.24 billion yuan
• Year-on-year increase of imports and exports to ASEAN: 8.8%
• Crude oil imports in the first seven months of the year: 30.21 billion yuan
• Year-on-year increase of crude oil imports: 47.8%

Sources:

• Weifang Customs
• Shandong Province of the People's Republic of China