Hubei’s foreign trade value expands to 244.86 billion yuan in H1

In the first half of this year, the total imports and exports in central China’s Hubei Province expanded 46.9 percent year on year to 244.86 billion yuan, Wuhan Customs reported on July 15.

The growth marks an increase of 44.7 percent from the same period in 2019 and an increase for the 15th month in a row, according to the same data source.

During the period, the imports and exports of general trade rose 38 percent year on year to 179.96 billion yuan, which maintained an increase for the 6th month in a row.

The province’s private companies posted strong performance during the six months, with imports and exports standing at 140.55 billion yuan, accounting for 57.4 percent of the province’s total foreign trade value.

In addition to the sound cooperation with its top four trading partners (the United States, ASEAN, EU and Japan) in the first half of this year, the province’s trade with RCEP member states and countries along the Belt and Road respectively grew 46.3 percent and 63.7 percent to hit 74.52 billion yuan and 62.96 billion yuan.

The imports and exports of Wuhan accounted for over 60 percent of the province’s total, in pace with an exponential increase in Shiyan and Xiangyang. Except for Xiantao, Ezhou and Shennongjia, the other 14 cities in the province all achieved growth in imports and exports during the period.

The exports of mechanical and electrical products in the province almost doubled, and that of clothing (including protective clothing) and medical equipment reached 9.47 billion yuan and 410 million yuan, respectively.

It is worth noting that the comprehensive bonded zone in the province has achieved imports and exports of 19.68 billion yuan, an increase of 182.8 percent year on year, which is 135.9 percentage points higher than the province’s overall growth rate, and has contributed more than 16 percent to the province’s foreign trade growth.