Hubei's foreign trade grows despite tariff restrictions

Despite facing tariff barriers, Hubei province in Central China has experienced consistent growth in foreign trade, demonstrating a steadfast commitment to navigating external uncertainties through a focused high-quality development, according to a local official.

Chen Huarong, an official from the Hubei Provincial Department of Commerce, emphasized the province's adherence to national strategic directives at a news conference in Wuhan, capital of Hubei, on Thursday. "As a key economic powerhouse province in China, Hubei remains dedicated to the domestic economic cycle as the primary driver, with the international economic cycle serving as a complementary extension," Chen stated.

He underscored Hubei's unwavering efforts to enhance openness and self-management, utilizing the certainty of high-quality development to address external challenges effectively. These comments were made during a group interview with both Chinese and foreign journalists in response to inquiries about the province's strategy for sustaining growth amid US-imposed tariffs.

Chen highlighted recent developments from the Sino-US high-level economic and trade meeting in Geneva, Switzerland, where both sides announced tariff adjustments aimed at alleviating trade tensions. He affirmed that Hubei has and will continue to implement specific measures to actively respond to and bolster the steady growth of foreign trade.

"From January to April this year, Hubei witnessed a 27.5 percent year-on-year increase in total import and export value, driven by a 36.6 percent surge in exports and an 8.4 percent rise in imports," Chen disclosed.

He also pointed out the impressive performance of Wuhan in foreign trade, with a 27.5 percent increase during the same period, underscoring the province's economic resilience.

Chen revealed that Hubei registered trade growth with 148 countries and regions worldwide during the first four months of the year. The province's primary foreign trade partners were ASEAN and the European Union, experiencing growth rates of 72 percent and 43 percent respectively.

Moreover, there was a 32 percent rise increase in Hubei's foreign trade with countries participating in the Belt and Road Initiative since the beginning of the year, highlighting the importance of diversifying markets to stabilize and expand foreign trade amid a complex international landscape.

Regarding product categories, Hubei saw a 24 percent increase in the export of machinery and electronic goods from January to April, accounting for more than half of the total export value. High-tech product exports also grew by 18 percent, with notable increases in mobile phones and automotive parts.

Chen emphasized the pivotal significant role of cross-border e-commerce in propelling foreign trade growth in Hubei, noting that initiatives in this area empower industries and facilitate the international expansion of more foreign trade enterprises.