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Province in China

2023
Economic
Complexity 0.16Rank 13 of 31
Oct 2024
Trade
Exports | Imports $6.47B | $3.02B11 of 31 | 14 of 31
Oct 2024
Country
Destination | Origin United States | Chinese Taipei $900M  | $380M

About

Overview This page contains the latest international trade data for Hubei Province. In October 2024 Hubei Province was the number 12 in total exports and the number 18 in total imports in China.

Exports In 2023, China's Hubei Province exported $63.2B, making it the 12th largest exporter out of the 31 exporters in China. In 2023 the top exports of Hubei Province were Smartphones ($2.9B), Electric motor Vehicles ($1.3B), Memory Integrated Circuits ($1.19B), Communication apparatus parts, excluding aerials ($1.15B), and Diammonium phosphate, in packs >10 kg ($1.09B).

Imports In 2023, China's Hubei Province imported $29.6B, making it the 18th largest importer out of the 31 importers in China. In 2023 top imports of Hubei Province were Copper ores and concentrates ($3.81B), Semiconductor Manufacturing Equipment ($3.46B), Unagglomerated Iron Ore Concentrate (Excl. Iron... ($2.69B), Processor-Controller Integrated Circuits ($2.34B), and Crude Petroleum Oils ($1.32B).

Economic Complexity In 2023, the highest complexity exports of Hubei Province according to the product complexity index (PCI) are Metalworking Machines (2.24), Disc Chemicals for Electronics (2.11), Other Esters (2.07), Non-Mechanical Removal Machinery (1.95), Phosphoric Esters and Salts (1.91), Other Organo-Inorganic Compounds (1.8), Silicone (1.79), Hand Saws (1.78), Epoxides (1.72), and Drafting Tools (1.69). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Latest Trends

October, 2024

About

Overview In October 2024 Hubei Province exported $6.47B and imported $3.02B, resulting in a positive trade balance of $3.45B. Between October 2023 and October 2024 the exports of Hubei Province have increased by $1.65B (34.4%) from $4.81B to $6.47B, while imports increased by $397M (15.2%) from $2.62B to $3.02B.

Trade In October 2024, the top exports of Hubei Province were Commodities not elsewhere specified ($944M), Telephones ($536M), Cars ($274M), Integrated Circuits ($206M), and Computers ($155M). In October 2024 the top imports of Hubei Province were Integrated Circuits ($587M), Copper Ore ($560M), Machines and apparatus of a kind... ($228M), Iron Ore ($182M), and Refined Petroleum ($147M).

Destinations In October 2024, Hubei Province exported mostly to United States ($900M), Malaysia ($630M), Hong Kong ($377M), India ($274M), and Singapore ($237M), and imported mostly from Chinese Taipei ($380M), Malaysia ($320M), Japan ($227M), Chile ($207M), and Indonesia ($192M).

Growth In October 2024, the increase in Hubei Province's year-by-year exports was explained primarily by an increase in exports to Malaysia ($493M or 360%), United States ($248M or 38%), and Singapore ($122M or 106%), and product exports increase in Commodities not elsewhere specified ($913M or 2.98k%), Telephones ($174M or 48%), and Light Fixtures ($52.4M or 55%). In October 2024, the increase in Hubei Province's year-by-year imports was explained primarily by an increase in imports from Malaysia ($211M or 194%), Chile ($126M or 157%), and Chinese Taipei ($123M or 48.1%), and product imports increase in Copper Ore ($204M or 57%), Integrated Circuits ($163M or 38.6%), and Refined Petroleum ($147M or 30.6k%).

Latest Data

Time Scale
Flow
Color
Depth
EXPORT GROWTH (October 2023 - October 2024)$1.65B(34.4%)
IMPORT GROWTH (October 2023 - October 2024)$397M(15.2%)

This section shows exports and imports data at subnational level for Hubei Province. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of Hubei Province over time.

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Historical Data

Yearly Exports

Color
Depth
Top Destination (2023)United States$7.38B
Top Product (2023)Smartphones$2.9B

In 2023 the top export destinations of Hubei Province were United States ($7.38B), Hong Kong ($5.33B), India ($3.62B), Vietnam ($2.57B), and South Korea ($2.51B).

In 2023 the top exports of Hubei Province were Smartphones ($2.9B), Electric motor Vehicles ($1.3B), Memory Integrated Circuits ($1.19B), Communication apparatus parts, excluding aerials ($1.15B), and Diammonium phosphate, in packs >10 kg ($1.09B).

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Exports Dynamics

Fastest Growing Exports Destination (Oct 2023 - Oct 2024)
Malaysia $493M (360%)
United States $248M (38%)
Singapore $122M (106%)
Rapidly Declining Export Origins (Oct 2023 - Oct 2024)
United Kingdom -$64M (-27.9%)
India -$52M (-16%)
South Korea -$46.3M (-18.9%)

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Yearly Imports

Color
Depth
Top Origin (2023)Japan$3.24B
Top Import (2023)Copper ores and concentrates$3.81B

In 2023 the top import origins of Hubei Province were Japan ($3.24B), Chinese Taipei ($2.66B), Australia ($2.02B), Russia ($1.58B), and Netherlands ($1.56B).

In 2023 the top imports of Hubei Province were Copper ores and concentrates ($3.81B), Semiconductor Manufacturing Equipment ($3.46B), Unagglomerated Iron Ore Concentrate (Excl. Iron... ($2.69B), Processor-Controller Integrated Circuits ($2.34B), and Crude Petroleum Oils ($1.32B).

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Imports Dynamics

Fastest Growing Import Origins (Oct 2023 - Oct 2024)
Malaysia $211M (194%)
Chile $126M (157%)
Chinese Taipei $123M (48.1%)
Rapidly Declining Import Origins (Oct 2023 - Oct 2024)
Netherlands -$142M (-78.3%)
Russia -$66.7M (-49.2%)
United States -$47.6M (-34.7%)

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Economic Complexity

Economic Complexity of Hubei Province

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Economic Complexity (2023)0.16

Hubei Province ranks 13th out of the 31 provinces in China according to ECI.

The Economic Complexity Index, or ECI, is a measure of an economy’s capacity which can be inferred from data connecting locations to the activities that are present in them. For more info about Economic Complexity, visit the Economic Complexity page.

Estimated using exports data.

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Export Opportunities by Relatedness

The top export opportunities according to the relatedness level, without considering those products were Hubei Province already has a comparative advantage, are led by Rubber Apparel (0.46), Children's Picture Books (0.46), Non-Retail Silk Yarn (0.46), Cast or Rolled Glass (0.45), and Woven Fabric of Synthetic Staple Fibers (0.45).

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Most Complex Products by PCI

The highest complexity exports of Hubei Province according to the product complexity index (PCI) are Metalworking Machines (2.24), Disc Chemicals for Electronics (2.11), Other Esters (2.07), Non-Mechanical Removal Machinery (1.95), Phosphoric Esters and Salts (1.91), Other Organo-Inorganic Compounds (1.8), Silicone (1.79), Hand Saws (1.78), Epoxides (1.72), and Drafting Tools (1.69). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

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Most Specialized Products by RCA Index

The most specialized products according to the RCA index are led by Sound Recordings (314.20), Processed Mushrooms (88.66), Furskin Apparel (50.58), Ceramic Bricks (44.96), and Dried Vegetables (36.54).

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Product Space

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since Hubei Province is more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

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Relatedness Space

This network shows the products most related to the production structure of  Hubei Province. These are products that tend to be co-exported with the products that Hubei Province exports. Higher relatedness values ​​indicate greater knowledge, which predicts a greater probability of exporting that product in the future.

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Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a territory's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions. Bubble size corresponds to exports value by year 2020.

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