The Value of Hubei's Imports and Exports In the First Five Months of the Year Climbed By 17%

Wuhan Customs informed a reporter on June 14, 2022 (Xinhua, Zhang Qin Shi Jingjing). Hubei Province saw a growth of 17% in imports and exports over the period of January to May, totaling 237.7 billion yuan (the same below). Among these, exports of high-tech goods, fully electric cars, lithium-ion batteries, and canned vegetables quadrupled in value.

Statistics from Wuhan Customs show that in the first five months of this year, Hubei Province's exports increased by 26.7 percent to 157.61 billion yuan and its imports by 1.6 percent to 80.09 billion yuan. Hubei Province's total import and export value increased by 24.1% in May to 53.31 billion yuan.

Hubei Province exported high-tech goods worth 52 billion yuan from January to May, a 34.1 percent rise. Hubei Province exported pure electric passenger cars, lithium-ion batteries, and canned vegetables, which increased by 115.6%, 160.7%, and 131.3%, respectively, from the list of specified commodities. The top three export commodities in Hubei Province in order of export value are steel, labor-intensive products, and mechanical and electrical products.

Wuhan's import and export for the period of January to May totaled 144.3 billion yuan, up 14.1 percent, and made up 60.7 percent of the province's overall import and export value. In terms of growth in import and export, 14 out of the 17 cities and states that make up the province have done well. Among them, Jingmen relied on the booming export and import of lithium-ion batteries, which grew by 67.3 percent.

Hubei's top three trading partners are ASEAN, the EU, and the US. Hubei's bilateral trade with ASEAN, the EU, and the US from January to May totaled 35.34 billion yuan, 29.02 billion yuan, and 27.99 billion yuan, respectively. These figures represent increases of 29.4%, 5.3 percent, and 0.2%, respectively. Hubei's overall import and export to the 14 other RCEP members increased by 16.3% during the same time period to 71.23 billion yuan, while exports to nations along the "Belt and Road" increased by 27.2 percent to 65.49 billion yuan.

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