The customs data showed that, from January to October, Hunan's import and export value to Latin America and Caribbean countries (hereinafter referred to as "Latin America") amounted to 52.48 billion CNY, an increase of 8.3% over the same period last year. Among them, the exports hit 20.56 billion CNY, up 7.2%, and the imports reached 31.92 billion CNY, up 8.9%.

General trade accounted for more than 70% of the total, with private businesses as the main force. Hunan achieved 38.34 billion CNY of general foreign trade with Latin America during the January-October period, accounting for 73.1% of the provincial total import and export value to Latin America in the same period. Meanwhile, the imports and exports of private businesses to Latin America increased 21.9% to 34.48 billion CNY, accounting for 65.7% of the provincial total.

Changsha has contributed more than 40% of the province's imports and exports to Latin America, while Xiangtan has also seen significant growth. In the first ten months, Changsha's import and export value to Latin America was 23.58 billion CNY, rising by 34.8%; Yueyang reached 11.31 billion CNY; and, Hengyang hit 6.32 billion CNY. The imports and exports of these three cities to Latin America accounted for 78.5% of the provincial total. Xiangtan topped the regions provincewide in the growth rate of imports and exports to Latin America during this period, surging 52.4% to 2.67 billion CNY.

The trade volume with Brazil, Mexico, and Chile accounted for more than 70% of the total. In the first 10 months, Hunan's imports and exports to Brazil, Mexico, and Chile were 21.03 billion CNY, 9.15 billion CNY, and 7.92 billion CNY, increasing by 3.7%, 25.4%, and 20.2% respectively. The province's trade volume with the above-mentioned three countries accounted for 72.6% of that with Latin America during the same period.

The exports of mechanical and electrical products increased significantly, while those of automobiles and the "new three"—electric vehicles, lithium-ion batteries, and photovoltaic products—doubled. Between January and October, Hunan exported 14.97 billion CNY of mechanical and electrical products to Latin America, increasing by 31.4% and accounting for 72.8% of the provincial total. Among them, automobile (including chassis) exports grew by 287.8%, and electrical applicant exports rose 44%. In addition, the exports of "new three" amounted to 2.89 billion CNY, soaring 773.4%. The exports of construction machinery reached 3.21 billion yuan, making an increase of 60.3%.

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

Translator: Pang Yuehui

Chinese source: hunantoday