Hubei's annual foreign trade value topped 600 billion yuan for the first time, rising 14.9 percent to 617.08 billion yuan in 2022, official data showed.

Exports soared 20 percent year on year to 420.93 billion yuan, and imports stood at 196.15 billion yuan, up 5.4 percent year on year.

The imports and exports by private firms jumped 20.1 percent to account for 63.4 percent of the province’s total, reaching 390.94 billion yuan.

In 2022, Hubei's foreign trade value with the Association of Southeast Asian Nations and the European Union, the province's top two trading partners, increased 32.1 percent and 18.8 percent to 98.21 billion yuan and 75.59 billion yuan, respectively.

Meanwhile, the trade with Belt and Road countries climbed by 33.7 percent, and trade with other members of the Regional Comprehensive Economic Partnership (RCEP) rose by 17.8 percent.

The imports and exports of mechanical and electronic products saw an increase during this period, accounting for 49.2 percent of the province’s total with 303.34 billion yuan. Exports growth also came from new materials, new energy and high-tech equipment products, gaining 18.77 billion yuan with an increase of 59.2 percent. The province saw growth in the import of copper ore, iron ore and crude oil, which represented 20.7 percent of the province’s total imports.

From 2020 to 2022, Hubei’s annual imports and exports respectively registered 400 billion yuan, 500 billion yuan and 600 billion yuan, showing a leap increase for three consecutive years. (en.hubei.gov.cn by Ruan Xinqi)