Hunan's imports and exports with other BRICS countries — Brazil, Russia, India, South Africa, Saudi Arabia, the United Arab Emirates, Egypt, Iran, and Ethiopia — expanded 0.5% year on year to 73.69 billion CNY during the January-September period. Among them, exports amounted to 45 billion CNY while imports 28.69 billion CNY, an increase of 8.6%. The Changsha Customs Authority announced on October 22, 2024. 

In the first three quarters, Hunan's top three foreign trade BRICS countries were Brazil, Russia, and South Africa. The import and export value reached 19.82 billion CNY, 16.15 billion CNY, and 11.75 billion CNY, respectively, up 7.8%, 17%, and 16%. The volume accounted for 64.8% of the total import and export value of Hunan Province to other BRICS countries in the same period. Hunan's foreign trade with the newly-joined BRICS countries — Saudi Arabia, Egypt, the United Arab Emirates, Iran, and Ethiopia — totaled 14.33 billion CNY, accounting for 19.5% of the total.

Mechanical and electrical products were the mainstay of exports. Between January and September, Hunan exported 33.6 billion CNY of mechanical and electrical products to other BRIC countries, growing by 28.9% and accounting for 74.7% of the total value of provincial exports to other BRIC countries during the same period. The exported construction machinery, automobiles, flat-panel display modules increased by 35.7%, 85.8%, and 375.5% respectively.

Changsha, Yueyang, and Chenzhou ranked the top three in import and export. In the first three quarters, Changsha's foreign trade with other BRIC countries grew by 12% to 33.57 billion CNY, accounting for 45.6% of the total value of Hunan's foreign trade with other BRIC countries during the same period. Yueyang's import and export value was 12.25 billion CNY. Chenzhou and Xiangtan imported and exported 6.15 billion CNY and 5.33 billion CNY respectively, witnessing a faster growth rate.

Hunan's economic and trade cooperation with other BRICS countries enjoys strong resilience and dynamism, becoming a new growth point for Hunan's foreign trade. The Changsha Customs Authority analyzed that Hunan's leading construction machinery enterprises have seized market opportunities, thanks to the increasing infrastructure demands of BRICS countries. Russia, Saudi Arabia, India, and Brazil occupied four places of top five partners of Hunan in construction machinery export. Exported automobiles from Changsha BYD and Hunan Geely to other BRIC countries surged rapidly, up 1900% and 126.7% year on year in the first three quarters.

This article is from the Hunan Provincial Government www.enghunan.gov.cn.

Translator: Yu Jiangjiang

Chinese source: hunan.gov.cn