Hunan Province’s foreign trade rose 11.3 percent year on year to 391.24 billion CNY in the first eight months of this year, according to statistics released by Changsha Customs District of the People’s Republic of China on September 10. The province’s exports increased 4.4 percent to 222.54 billion CNY, while imports surged 21.8 percent to 168.7 billion CNY.

Hunan maintained relatively fast growth in trade with Latin America, Russia, and the United States. In the first eight months, the province’s trade with the United States reached 19.52 billion CNY, up 7.8 percent year on year. Trade with ASEAN, Latin America, Hong Kong (China), and the European Union rose 11 percent, 26.8 percent, 4.2 percent, and 17.6 percent, respectively. These four markets together accounted for more than half of Hunan’s total foreign trade. In August alone, Hunan’s trade with Latin America reached 7.37 billion CNY, up 34.4 percent and contributing 4.3 percentage points to the province’s overall foreign trade growth. Exports to Africa surged 63.7 percent to 3.05 billion CNY.

Automobiles and the “new three” products were key drivers of export growth. In the first eight months, exports of mechanical and electrical products rose 9.6 percent to 133.99 billion CNY, accounting for 60 percent of the province’s total exports. Exports of the “new three” products (electric vehicles, lithium-ion batteries, and photovoltaic products) increased 30.3 percent to 16.54 billion CNY. Exports of high-tech products rose 24.9 percent to 31.74 billion CNY. Meanwhile, Hunan exported 163.03 billion CNY worth of locally sourced goods during the period, up 13 percent and accounting for 70 percent of its total exports. The figures show that the vast majority of the province’s exports were produced locally, highlighting the growing contribution of foreign trade to local industries.

Imports of integrated circuits, computers and computer components were major contributors to import growth. In the first eight months, Hunan’s imports of mechanical and electrical products rose 40.3 percent to 46.92 billion CNY, accounting for 27.8 percent of the province’s total imports in the same period. Imports of integrated circuits and of computers and their components surged 51.8 percent and 369.1 percent, respectively.

Disclaimer:

This is an English translation of the original Chinese version and is provided for reference only. In the event of any discrepancy, the Chinese version shall prevail.