The Changsha Customs data shows that, in 2020, Hunan’s trade with 17 Central and Eastern European countries totaled 7.81 billion CNY, a year-on-year decline of 3.2%. The imports grew by 8.5% to 1.09 billion CNY, and exports decreased by 4.8% to 6.72 billion CNY.

The processing trade with Central and Eastern European countries saw an obvious increase in 2020. The import and export value of processing trade hit 390 million CNY, rising 51% over the same period and accounting for 5% of the total value of trade with these countries. Private enterprises played a major role. They contributed a trade value of 6.36 billion CNY with the Central and Eastern European countries, up 2.7% year on year and accounting for 81.4% of the imports and exports with these countries. 

Mechanical and electrical products were major exported commodities, taking up nearly half of the total imports. Hi-tech product export showed a relatively rapid growth.

Supported by the Cloud Expo and some other online trade platforms, Hunan will further expand cooperation with Central and Eastern Europe in the fields of digital economy, e-commerce, and healthcare industry. The China-Europe Railway Express has opened a direct trade channel connecting Hunan with Poland and Hungary. However the utilization rate of the express needs to be improved. Hunan and Central and Eastern Europe have mutual complementarity in product supply and demand. Deepening agricultural collaboration will become a new highlight for economic and trade cooperation.

The Changsha Customs called for:
-- establishing a comprehensive platform to facilitate Hunan-Central and Eastern Europe cooperation and exchange in a bid to assist Hunan enterprises in exploring Central and Eastern European market and accelerating project implementation;
--optimizing supporting policies and operation mechanism for Hunan’s operation of the China-Europe Railway Express, and cut operation costs of enterprises; and,
--promoting agricultural product trade, in a bid to leverage each other's strengths and achieve win-win results.

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

Translator: Pang Yuehui

Chinese source: hunan.gov.cn