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Hubei's foreign trade expands 13.7 pct in Q1

  Hubei Province saw foreign trade reach 134.62 billion yuan in the first quarter (Q1) of this year, an increase of 13.7 percent year on year, local customs said on April 19, 2022.

  Of the total trade volume, exports expand 26.3 percent to 87.93 billion yuan, while imports dropped 4.2 percent to 46.69 billion yuan.

  Quarterly statistics showed that the imports and exports of Hubei have achieved positive growth for eight consecutive quarters since the second quarter of 2020. The imports and exports of the province in March hit a monthly record high. The growth rates of the province’s overall foreign trade volume and exports in Q1 were 3 and 12.9 percentage points higher than the national average.

  In Q1, trade volume between Hubei and its largest  trading partner Association of Southeast Asian Nations(ASEAN) rose 32.6 percent to 20.02 billion yuan, just ahead of the European Union and the United States.

  Imports and exports between the province and the other 14 RCEP member countries totaled 40.47 billion yuan, an increase of 13.6 percent, while the figure reached 37.14 billion yuan with the Belt and Road countries during the period, up 28 percent.

  Wuhan took the lead with a 61.4-percent share of the province’s Q1, followed by in total foreign trade among the cities in the province Huangshi with over 10 billion yuan and Yichang with 9.21 billion yuan.

  At present, exports of automobiles, mobile phones and agricultural products registered growth in the province. High-tech products accounted for 35.3 percent of the province's exports, a year-on-year growth of 3.1 percentage points.