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15 July 2015

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Hunan Agricultural Imports and Exports Surge

2017-06-23 Download Print

On June 21, the Changsha Customs announced that Hunan agricultural imports and exports surged to 1.16 billion yuan in May, an increase of 96% over the same period of last year. The growth hit a record high so far this year.

In May, agricultural imports and exports between Hunan and the US was 250 million yuan, a year-on-year increase of 320% and accounting for 21.9% of the provincial total. The US has replaced Hong Kong to become Hunan’s largest partner in agricultural foreign trade.

The trade growth signals the fulfillment of another achievement of the Sino-US 100-day action plan, which aims to boost bilateral economic ties. The United States has expanded exports to China to balance Sino-US trade. Statistics showed that in May Hunan imported 12,700 tons of soybean from the United States, worth 180 million yuan.

This year, China has abolished the restrictions on foreign investment in edible oil processing. The value-added tax rate of imported soybean will be reduced from 13 percent to 11 percent starting from July 1. It is expected that the volume of Chinese soybean imports from the US will be rapidly expanded in the second half of 2017.

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Translator: Xiao Juan

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