Yichang’s foreign trade increases 41.6 percent in first seven months

Yichang's total imports and exports amounted to 22.31 billion yuan in the first seven months of 2022 a year-on-year increase of 41.6 percent and 19.9 percent higher than that of the Hubei province. Exports grew 35.9 percent year on year to 19.26 billion yuan, while imports rose 92.8 percent to 3.05 billion yuan in the January-July period, official data showed on August, 24th.

From January to July, Yichang’s imports and exports was still mainly regular trade reaching 18.06 billion yuan, an increase of 35.9 percent year-on-year, accounting for 80.9 percent of Yichang’s total imports and exports in the same period. Imports and exports in the form of bonded logistics was 2.33 billion yuan, an increase of 363 percent; Imports and exports in the form of processing trade was 1.4 billion yuan.

Private firms were key drivers of imports and exports, with total import and export value amounted to 12.86 billion yuan, an increase of 29.2 percent, accounting for 57.6 percent of Yichang’s total imports and exports in the same period. Imports and exports of State-owned enterprises and of foreign-invested firms rose 41.8 percent to 4.87 billion yuan and 93.4 percent to 4.58 billion yuan. The import and export in Yichang's trade value with the first three trading partners- the Association of Southeast Asian Nations, Brazil and India-were 3.31 billion yuan, 3.03 billion yuan and 2.75 billion yuan respectively. Among the export products, the basic organic chemicals and high-tech products grew exponentially, an increase of 169.9 percent and 121.4 percent respectively. In import products, mechanical and electrical products and high-tech products doubled and redoubled, up 192.7 percent and 261.3 percent respectively.