ASEAN becomes Hubei's largest trading partner in first 11 months of 2021
In the first 11 months of this year, Hubei's trade with the Association of Southeast Asian Nations (ASEAN) expanded 35.1 percent year on year to 66.2 billion yuan, accounting for 13.6 percent of the province’s total foreign trade volume in the same period, statistics released by Wuhan Customs showed.
The figure marks that ASEAN has become Hubei's largest trading partner during the period.
Both exports and imports achieved double-digit growth, registering 42.2 percent to 47.76 billion yuan and 19.8 percent to 18.44 billion yuan, respectively.
In November alone, Hubei’s trade with ASEAN valued at 7.91 billion yuan, hitting a record high with an increase of nearly 40 percent.
In the first 11 months of this year, Hubei’s trade with its top four trading partners - ASEAN, the United States, the European Union and Japan - accounted for 47.7 percent of the province’s total imports and exports.
During the period, Hubei’s trade with Vietnam, Thailand, Malaysia, and Singapore, the top four among the ASEAN member countries, reached 15.37 billion yuan, 12.81 billion yuan, 11.38 billion yuan and 9.5 billion yuan, which respectively rose by 48.5 percent, 33.8 percent, 23 percent, and 10.2 percent. The total amount represented 74.1 percent of Hubei’s total imports and exports to ASEAN in the same period.
Hubei's exported of mechanical and electrical products to ASEAN stood at 23.01 billion yuan in the first 11 months, an increase of 61.3 percent. It contributed 48.2 percent of the province’s total exports to ASEAN in the same period.
While imports of mechanical and electrical products from ASEAN soared to 14.34 billion yuan, a proportion of 77.8 percent of the total imports from ASEAN in the 11 months. (en.hubei.gov.cn by Ruan Xinqi)