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Trade

Foreign trade growth in China's Hubei robust

November 16, 2020


Abstract : Central China's Hubei Province, previously hard hit by the COVID-19 epidemic, saw a 9.7-percent growth in foreign trade in the first ten months, ranking sixth in the country.

WUHAN, Nov. 16 (Xinhua) -- Central China's Hubei Province, previously hard hit by the COVID-19 epidemic, saw a 9.7-percent growth in foreign trade in the first ten months, ranking sixth in the country.

According to the customs in the provincial capital of Wuhan, the total import and export value reached 344.6 billion yuan (52.17 billion U.S. dollars) in the period, up by 9.7 percent over the same period last year.

Among the total, exports posted 212.16 billion yuan, up by 8.8 percent year on year, while imports added up to 132.44 billion yuan, up by 11.1 percent.

A strong surge of 29.5 percent in Hubei's foreign trade growth was observed in October, when the total volume hit 50.46 billion yuan, exceeding the benchmark of 50 billion yuan for the first time, setting a monthly record.

Except for a slight drop in the trade with the ASEAN, Hubei's imports and exports to its major trading partners all achieved significant growth in the first ten months. The trade with the European Union reached 48.28 billion yuan during the period, up by 18 percent year on year. That, with the United States, totaled 45.6 billion yuan, up by 18.5 percent.

The trade conducted by private enterprises totaled 198.36 billion yuan, up 22.1 percent year on year, accounting for 57.6 percent of the province's total import and export value, up by 5.7 percentage points from the same period last year.

The exports of textile, clothing, and agricultural products in Hubei grew strongly in the first ten months. The exports of textile products reached 26.26 billion yuan, up by 395.2 percent. The exports of clothing totaled 17.92 billion yuan, up by 25.4 percent, while the exports of agricultural products surged by 32.2 percent to 13.28 billion yuan.

The growth of imports was boosted by semiconductor manufacturing equipment, integrated circuits, and consumer goods, which rose by 39.2 percent, 30.9 percent, and 58.8 percent year on year, respectively. Enditem

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Keyword: Hubei foreign trade

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