According to the latest data released by the Changsha Customs on April 15, Hunan’s total import and export value in the first quarter exceeded 115 billion yuan, an increase of 42.7% over the same period last year. Of the total, exports hit 75.8 billion yuan, an increase of 54%; and imports reached 39.32 billion yuan, an increase of 25%.

Hunan's imports and exports with major trading partners maintained growth. The Association of Southeast Asian Nations (ASEAN), the United States, Hong Kong, and the European Union (EU) were Hunan’s top four trading partners in the first quarter, with foreign trade hitting 16.8 billion yuan, 15.49 billion yuan, 13.71 billion yuan, and 12.82 billion yuan respectively. Hunan's trade value with Regional Comprehensive Economic Partnership (RCEP) trading partners and Belt and Road countries increased 42.1% and 23.8% respectively.

Exports of mechanical and electrical products continued to increase, accounting for 45.2% of the provincial total exports. The figure was 2.7 percentage points higher than the same period last year. Exports of commodities including electronic components, automatic data processing equipment and their parts and components, and household appliances increased rapidly. Imports of agricultural and metal mineral products saw the fastest growth.

Why did Hunan's foreign trade achieve a good start in the first quarter? Changsha Customs analyzed that the advanced manufacturing industry cluster played a significant role in driving the growth. Exports of construction machinery and rail transit equipment increased 17% and 4.8% respectively. Hunan enterprises are gradually restoring their confidence in exports. In the first quarter, Hunan handled 142 China-Europe freight trains, up 71.1% year on year. The combined import and export volume of special customs supervision areas such as Huanghua Comprehensive Bonded Zone, Chenglingji Comprehensive Bonded Zone, and Chenzhou Comprehensive Bonded Zone reached 30.19 billion yuan, up 104%. New types of business injected impetus into foreign trade. In the first quarter, cross-border e-commerce exports reached more than 4.6 billion yuan, an increase of 237.9%.

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

Translator: Xiao Juan

Chinese source: hunan.gov.cn