In the first three quarters of 2022, the total import and export value of Hubei Province was 469.09 billion yuan (RMB, the same below), a year-on-year increase of 22.1%. The province’s imports and exports to RCEP (Regional Comprehensive Economic Partnership, the same below) countries have maintained a growth trend, accounting for more than 30%.
According to data reported by Wuhan Customs on October 27, in the first three quarters of this year, Hubei’s imports and exports to the other 14 RCEP member countries totaled 141.19 billion yuan, an increase of 21.7%, accounting for 30.1% of the province’s total import and export value during the same period.
Since the implementation of RCEP for three quarters, nearly 1.4 billion yuan of goods in Hubei have enjoyed RCEP discounts. Among them, in terms of exports, Wuhan Customs has issued a total of 3,354 certificates of origin for exports under RCEP in the first three quarters, with a value of 1.027 billion yuan. The beneficiaries are mainly related to chemical, textile, agricultural products and other industries. In terms of imports, a total of 368 million yuan of imported goods from RCEP member countries were inspected and released, and the tariff reduction was 3.9219 million yuan, covering nearly 70 types of preferential commodities, mainly including Japanese auto parts and plastic rubber products, and Singaporean chemical products.
Data show that in the first three quarters of this year, Hubei’s imports and exports to major trading partners maintained growth. Among them, ASEAN, the European Union and the United States are the top three trade partners of the province, with bilateral trade values of 72.1 billion, 56.65 billion and 54.22 billion yuan, up 38.4%, 12.4% and 5.1% respectively.
The province’s private enterprises play the role of “main force” in stabilizing foreign trade. In the first three quarters, the import and export of private enterprises in Hubei reached 292.81 billion yuan, an increase of 30.4%, accounting for 62.4% of the province’s total foreign trade value in the same period, an increase of 4 percentage points over the same period last year.
In addition, the export of some high value-added products maintained a strong trend. Data show that in the first three quarters, Hubei exported 151.65 billion yuan of mechanical and electrical products, an increase of 18.7%, accounting for nearly “half” of the province’s total export value.