BUSINESS Hubei's trade volume shrank 20.9% in Q1

BUSINESS

Hubei's trade volume shrank 20.9% in Q1

Global Times

05:16, April 18, 2020

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Aerial photo taken on March 28, 2020 shows a China-Europe freight train bound for Duisburg of Germany pulling out of the Wuhan terminal of China Railway Intermodal in Wuhan, central China's Hubei Province. (Photo: Xinhua)

Central China's Hubei Province, which was hit hard by COVID-19, saw its trade volume dive 20.9 percent year-on-year to 62.75 billion yuan ($8.87 billion) in the first quarter of 2020. The province's exports sank 38.1 percent, while imports rose 11.1 percent.

Exports of mechanical and electronic products plunged 40.8 percent in the first quarter, according to data from customs in Wuhan, capital of Hubei. In particular, exports of smartphones shrank 61.3 percent from January to March, and auto parts exports fell 19.7 percent during the same period. Exports of labor-intensive products also fell, down 43.3 percent. 

Imports of raw materials, equipment and consumer goods posted big gains. Imports of textiles, mainly medical protective goods, increased by 90 times in the first quarter. 

Imports of meat increased 4.8 times and rice imports 7.9 times in the January-March period. 

ASEAN was Hubei's biggest trading partner in the first quarter, followed by the EU, the US, Japan and South Korea, customs data showed.


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