In 2023, the total import and export value of Hubei Province reached a historic high of 644.97 billion yuan, up 5.8 percent year on year, according to a press conference held by the provincial government information office on January 22, 2024.
The figure ranked 15th nationwide, a rise of two places from the previous year. Out of total, exports amounted to 433.33 billion yuan, grew by 4.7 percent, while imports totaled 211.64 billion yuan, increased by 7.9 percent.
The overall growth rate of foreign trade value, as well as the growth rates for exports and imports respectively, all exceeded the national average.
Hubei witnessed the number of foreign trade enterprises with actual import and export performance exceed 8,000 in 2023, a net increase of 895 compared to the previous year.
The contribution of private enterprises to Hubei's foreign trade growth reached 9.6 percent in the same year, accounting for 68.7 percent of the province’s total imports and exports.
Hubei's trade with the United States, the European Union, Japan, and Hong Kong totally amounted to 227.77 billion yuan, accounting for 35.3 percent of the province’s total imports and exports. The trade with Africa, India, and Mexico were 40.49 billion yuan, 27.17 billion yuan, and 13.09 billion yuan respectively, all showing a growth rate of over 10 percent.
Meanwhile, the province's trade with countries involved in the Belt and Road Initiative registered 309.02 billion yuan, marking a share of 47.9 percent of its total imports and exports and 9.1 percentage points higher than 2013.
The imports and exports of Hubei’s capital city Wuhan expanded 2.9 percent to 360.62 billion yuan despite facing challenges during its structural adjustments. The combined imports and exports of the other 16 cities in Hubei grew by 9.6 percent, with a surging proportion of the province’s total imports and exports to 44.1 percent.
In 2023, Hubei exported 221.59 billion yuan of electromechanical products, accounting for over 50 percent of the province's total exports. In 2022 and 2023, the value of Hubei's automobile exports has exceeded 10 billion yuan and 20 billion yuan for two years in a row. (en.hubei.gov.cn by Ruan Xinqi and Li Yiang)