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Hubei’s foreign trade resumes double-digit growth

In the first seven months of this year, the total import and export value of Hubei stood at 203.36 billion yuan, a year-on-year increase of 11.5 percent. Among them, the exports reached 125.92 billion yuan while the imports amounted to 77.44 billion yuan, up 9.4 percent and 15.1 percent, respectively. The overall growth rates for total import-export value, exports and imports were 7.3, 2.7 and 13.8 percentage points higher than the national average, said Wuhan customs on August 12.
It is inspiring that after experiencing negative and low growth in June, Hubei’s exports and imports reaped 20.16 billion yuan and 14.7 billion yuan, respectively, resuming the double-digit growth of 10.9 percent and 22.7 percent in July.
In the first seven months, the proportion of general trade has further increased, and the imports and exports by the means of bonded logistics have grown rapidly. The province's imports and exports by general trade gained 157.48 billion yuan, an increase of 12.8 percent, comprising of exports of 99.14 billion yuan, and imports of 58.34 billion yuan. Imports and exports by means of bonded logistics reached 9.51 billion yuan, an increase of 27.9 percent.
The imports and exports to major markets such as the EU, ASEAN, the United States, and Japan saw progress while those to countries along the “Belt and Road” grown rapidly by 18.1 percent during the seven months. The EU, ASEAN, the United States and Japan remained Hubei’s the top 4 trading partners. The bilateral trade value rose by 4 percent, 34.8 percent, 9.9 percent and 14.5 percent, respectively.
Exports of mechanical and electrical products and labor-intensive products maintained growth. The province exported 68.59 billion yuan of mechanical and electrical products, up 6.8 percent. In particular, the electrical and electronic products harvested 35.13 billion yuan, an increase of 10.2 percent. The exports of labor-intensive products such as textiles and garments reached 19.11 billion yuan, an increase of 20.1 percent.
Imports of mechanical and electrical products shot up. Between January and July, Hubei imported 47.75 billion yuan of mechanical and electrical products, an increase of 18.9 percent.
In the same period, the province imported copper ore of 6.29 billion yuan, up 17.8 percent, imported crude oil of 3.13 billion yuan; imported agricultural products of 2.03 billion yuan and imported consumer goods of 1.45 billion yuan, an increase of 13.8 percent.

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