According to the Changsha Customs, the total import and export value of Hunan Province in the first five months of this year was 237.09 billion yuan. Exports reached 136.43 billion yuan and imports expanded 17.2% to 100.66 billion yuan.

Hunan's imports and exports achieved a more balanced performance, and the supply of goods from the province has played a stronger supporting role in this balance. In the first five months, exports accounted for 57.5% of the province's total foreign trade value, basically on par with the national average. The structural imbalance between imports and exports is gradually alleviating. 72% of exported products were Hunan's local products. 47.2% of imported goods were consumption products, an increase of 5.3 and 4.4 percentage points year-on-year respectively.

During the January-May period, Hunan's trade with ASEAN, the European Union, and the United States stood at 36.94 billion yuan, 20.57 billion yuan, and 16.83 billion yuan respectively. Driven by imports of platinum powder, iron ore, soybeans, fuel oil, and other bulk commodities, Hunan's trade with Brazil, Russia, and South Africa increased by 39.4%, 4.5% and 50.2% respectively. In the first five months, the province's trade with Africa amounted to 22.59 billion yuan, ranking first in China's central and western regions.

Exports of Hunan products maintained a good momentum, and there was a wide range of imported products. In terms of exports, the exports of branded goods reached 72.51 billion yuan, accounting for 54.1% of the province's total exports and an increase of 13.8 percentage points year on year. A prominent brand effect was seen in automobiles, construction machinery, steel, transformers, railway locomotives, and other products made by a number of key production-oriented enterprises such as Zoomlion, Geely, BYD, Sany, Hunan Iron & Steel Group, SINOBOOM, and CRRC Zhuzhou Locomotive. The total export volume of the "new three"—new energy vehicles (NEVs), lithium-ion batteries, and photovoltaic products hit 4.4 billion yuan, an increase of 46.3%. In terms of imports, key imported commodities maintained a growth trend, with 14.83 billion yuan of agricultural products imported, an increase of 10%, and accounting for 14.7% of the province's total import value.

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

Translator: Xiao Juan

Chinese source: hunan.gov.cn