Changsha Custom on April 14 announced Hunan import and export data for the first quarter of 2017.
Hunan’s foreign trade showed strong growth over the past three months.
Total import and export value was 42.03 billion yuan, an increase of 52.5% over the same period of last year. Export value reached 26 billion yuan, representing 47% growth. Import value reached 16.03 billion yuan, an increase of 62.4%.
Bilateral trade with the other major economies kept growing. The imports and exports between Hunan and the U.S.A, the EU, Japan, and ASEAN countries increased by 18.1%, 28%, 73.2%, and 27.9%, respectively. Hong Kong was the largest partner contributing 8.26 billion yuan trade value, up 98.5% year on year.
Import and export commodities, such as mechanical and electrical products took larger shares than labor or resource intensive products. During the first quarter, Hunan’s exports of mechanical and electrical products showed 57% growth, and high-tech products 110%. The export value of these two categories accounted for more than 60% of the province total. Exports of conventional labor intensive products grew by 38.6%.
Changsha Custom concluded that the strong momentum of the first-quarter foreign trade was closely related to the continued improvement of the global market and the stable growth of the domestic economy. In particular, the national policy of “maintaining steady growth and adjusting the structure” led to better conditions for both domestic and foreign trade. Hunan has entered a new-pattern of opening up to the global economy.
Please refer to www.enghunan.gov.cn when using the article.
Translator: Pang Yuehui
Chinese source: hunan.gov.cn