Hunan's total foreign trade value jumped 19.9% year on year to 505.1 billion CNY during the first nine months this year. Imports increased 27.5% from a year ago to 371.11 billion yuan, according to the Changsha Customs on October 26, 2022.

Hunan has expanded cooperation with emerging markets, as demand from the Association of Southeast Asian Nations (ASEAN) grew rapidly. In the first three quarters, ASEAN was the largest trading partner of Hunan Province, with a total trade value of 104.07 billion CNY, which showed an increase of 57.3% year on year and accounted for 20.6% of the provincial total. Hunan's total imports and exports to 64 countries along the "Belt and Road" route rose by 46.4% year on year to 178.33 billion CNY, accounting for 35.3% of the total.

The private enterprises saw strong development momentum, the comprehensive bonded zones maintained positive growth, and the market procurement maintained good momentum. In the first three quarters, the foreign trade value of Hunan's private enterprises reached 410.55 billion CNY, up 27.4% year on year and accounting for more than 80% of the provincial total foreign trade value. The total imports and exports of five provincial comprehensive boned zones totaled 98.39 billion CNY, a year-on-year increase of 3.9%. Their contribution to the provincial foreign trade growth approached 4.4%. The exports based on market procurement trade surged by 159.1% year on year to 7.35 billion CNY.

The foreign trade structure has continued to improve and the electromechanical products marked faster growth. In the first three quarters, Hunan imported 42.66 billion CNY of electromechanical products, accounting for 31.8% of the provincial total imports. It also exported 150.57 billion CNY of electromechanical products, an increase of 17.2% and accounting for 40.6% of the provincial total exports.

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

Translator: Yu Jiangjiang

Chinese source: hunan.gov.cn