Core Insights - Qingdao's import and export value reached 442.7 billion RMB in the first half of the year, showing a year-on-year growth of 1% and accounting for 25.6% of Shandong Province's total import and export value [1] Group 1: Trade Performance - Exports totaled 263.8 billion RMB, increasing by 3.6%, while imports were 178.9 billion RMB, decreasing by 2.6% [1] - General trade accounted for over 60% of the total, with a value of 290.5 billion RMB, down 0.6%, representing 65.6% of the total trade [1] - Processing trade saw an increase of 4%, reaching 69.4 billion RMB, making up 15.7% of the total [1] Group 2: Enterprise Contributions - Private enterprises contributed 315.88 billion RMB in trade, growing by 4.2% and accounting for 71.4% of the total, an increase of 2.2 percentage points [1] - State-owned enterprises' trade increased by 9.6% to 55.24 billion RMB, representing 12.5% of the total [1] - Foreign-invested enterprises experienced a decline of 15.8%, totaling 71.27 billion RMB, which accounted for 16.1% [1] Group 3: Trade Partners - Trade with South Korea reached 30.73 billion RMB, growing by 0.7%, while trade with Russia increased significantly by 28.4% to 27.98 billion RMB [1] - Trade with countries involved in the Belt and Road Initiative amounted to 262.85 billion RMB, a growth of 6.7%, making up 59.4% of the total [1] Group 4: Product Categories - Mechanical and electrical products exports were 136.56 billion RMB, up 5.8%, constituting 51.8% of total exports [2] - Agricultural product exports reached 23.52 billion RMB, increasing by 2% and accounting for 8.9% of total exports [2] - Oil imports totaled 8.801 million tons, up 14.4%, valued at 32.75 billion RMB, a decrease of 1.8% [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - In April 2025, China's exports decreased but exceeded market expectations due to factors such as the overseas rush for trans - shipment. Imports were better than expected, and the trade surplus remained large. In the future, exports may be affected by US high - tariff policies, but there is still support from exports to ASEAN and Belt and Road countries. Import growth is expected to pick up, and net exports will support the economy in the short term [5][7] 3. Summary by Related Catalog 3.1 Overall Import and Export - In April, the total import and export volume (in US dollars) was 535.205 billion, a year - on - year decrease of 0.4 percentage points. The top trading partners were ASEAN (trade volume of 93.5 billion, up 13.61% year - on - year, accounting for 17.47%), the EU (66.8 billion, down 0.57%, 12.47%), the US (45.6 billion, down 19.17%, 8.52%), South Korea (28.2 billion, up 3.73%, 5.28%), and Japan (27.3 billion, up 4.98%, 5.11%) [5] 3.2 Exports - In April, exports were 315.692 billion US dollars, a year - on - year increase of 8.1%, far exceeding expectations. The top export destinations were ASEAN (export volume of 60.4 billion, up 20.8%, accounting for 19.12%), the EU (46.7 billion, up 8.27%, 14.8%), the US (33 billion, down 21.03%, 10.46%), Japan (13.3 billion, up 7.77%, 4.21%), and South Korea (12.7 billion, down 0.3%, 4.03%). The main export products were mechanical and electrical products (accounting for 60.4%, up 10.1%), among which electronic components accounted for 13.66% [6] 3.3 Imports - In April, imports were 219.512 billion US dollars, a year - on - year decrease of 0.2%, with the decline narrowing by 4.1 percentage points, better than expected. The top import sources were ASEAN (import volume of 33.2 billion, up 2.5%, accounting for 15.11%), the EU (20 billion, down 16.46%, 9.13%), Chinese Taipei (19.7 billion, up 12.73%, 8.98%), South Korea (15.5 billion, up 7.28%, 7.08%), Japan (14 billion, up 2.47%, 6.39%), and the US (12.6 billion, down 13.83%, 5.72%). The main import products were mechanical and electrical products (accounting for 38.99%, up 5.4%), among which integrated circuits accounted for 40.68% [6] 3.4 Trade Balance - The trade surplus was 96.81 billion US dollars, up 33.61% year - on - year, higher than expected. The largest trade surplus was in automobiles (9.164 billion, up 1.508 billion), and the largest trade deficits were in crude oil (25.3 billion, down 3 billion), integrated circuits (19.2 billion, up 2.6 billion), and agricultural products (7.2 billion, up 2.6 billion) [6][7]