Yantai's imports and exports hit record high

Foreign trade in Yantai, Shandong province totaled 382.83 billion yuan ($60.14 billion), up 33.8 percent year-on-year, in the first 11 months of this year.

During this period, the city's exports were valued at 227 billion yuan, up 30.5 percent year-on-year, while imports reached 155.84 billion yuan, up 39.1 percent year-on-year.

In the first 11 months, general trade imports and exports reached 170.55 billion yuan, up 21.7 percent, accounting for 44.5 percent of the total foreign trade of the city.

The United States, South Korea and the European Union are currently the top three trading partners of Yantai.

In the first 11 months, the city's imports and exports to the US reached 59.29 billion yuan, up 48.8 percent. The United States is Yantai's largest export market.

South Korea is the second largest trading partner. Imports and exports to South Korea totaled 49.77 billion yuan, up 43.7 percent. The imports and exports to countries involved in the Belt and Road Initiative totaled 81.74 billion yuan, up 21.1 percent year-on-year.

The private enterprises in the city saw the fastest growth in imports and exports from January to November. The imports and exports of Yantai's private enterprises reached 194.33 billion yuan, up 40.4 percent. Those of Stated-owned enterprises totaled 27.65 billion yuan, up 32.9 percent year-on-year.

The exports of mechanical and electrical products and labor-intensive products increased significantly as well. In the first 11 months, the exports of mechanical and electrical products in Yantai were 123.91 billion yuan, up by 23.6 percent year-on-year, accounting for 54.6 percent of the city's total exports.