Hubei’s imports and exports totaled 571.07 billion yuan in the first 11 months of the year, hitting a record high with a year-on-year increase of 2.6 percent, according to Wuhan Customs on December 20, 2023.

Out of total, Hubei’s exports rose 1.8 percent to 383.7 billion yuan while its imports increased 4.1 percent to 187.37 billion yuan.

In November alone, the province’s total imports and exports expanded 24.7 percent to reach 61.65 billion yuan, exceeding 60 billion yuan for the first time by month this year. Since October, the imports and exports, exports as well as imports have all maintained a growth of more than 20 percent for two consecutive months.

From January to November, the import and export volume of private enterprises in the province increased by 12.1 percent with 389.15 billion yuan, accounting for 68.1 percent of the province's total foreign trade volume.

During the period, Hubei's trade with the Association of Southeast Asian Nations, its largest trading partner, amounted to 95.13 billion yuan, 7.3 percentage points higher than the overall growth. The trade with the European Union, the United States, Hong Kong and Japan stood at 73.11 billion yuan, 54.42 billion yuan, 33.93 billion yuan and 30.89 billion yuan, respectively. In addition, Hubei’s trade with the Belt and Road Initiative partner countries grew nearly 10 percent to 272.47 billion yuan.

Mechanical and electrical products have become the main driver of export growth in Hubei. In the first 11 months of 2023, the province exported 196.62 billion yuan of mechanical and electrical products, accounting for more than 50 percent of its total export value during the period. (en.hubei.gov.cn by Ruan Xinqi)