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Import & Export
The volume of Hunan's imports and exports exceeded 563 billion CNY in 2024. The exports reached more than 334 billion CNY, while the imports stood at over 229 billion CNY.
Hunan's foreign trade has exhibited the following characteristics in 2024.
The province's foreign trade has maintained overall stability. In 2024, total trade business entities with import and export records reached 8,315, on a par with the level of 2023. The trade value of private enterprises hit more than 438 billion CNY, accounting for 77% of the provincial total and maintaining its position as a driving force.
The structure of Hunan's foreign trade has been improved. The export value of machinery and electronic products and new high-tech products amounted to more than 183 billion CNY and 57 billion CNY, accounting for 55% and 17.1% of total exports, up 7.2 and 3.3 percentage points from 2023, respectively. The export value of automobiles surged 38.2% to 26.68 billion CNY, while that of automatic data processing equipment and parts grew 23.6% to 9.93 billion CNY. The exports of engineering machinery and the "new three" products, namely lithium-ion batteries, photovoltaic products, and electric vehicles, hit a record high.
The province has steadily expanded foreign trade to enlarge its "circles of friends." In 2024, Hunan registered import and export records with almost all countries and regions in the world, and there were 16 more import partners than in 2023. Exports to other BRICS countries increased by 1.2%, and imports from Belt and Road countries increased by 4.4%. The trade volume with African countries has exceeded 50 billion CNY for three consecutive years, continuing to rank first in the central and western regions of China. Imports and exports with Russia and Latin America increased by 16.7% and 5.4% respectively.
The province's imports have hit a record high. In 2024, the province's imports increased by 5.9%, exceeding 200 billion CNY for two consecutive years. The import value of bulk commodities and mechanical and electrical products was 74.71 billion CNY and 63.27 billion CNY, an increase of 9.2% and 8.7% respectively.
Specifically, Hunan exported 31.63 billion CNY of construction machinery in 2024, hitting the threshold of 30 billion CNY for the first time and increasing by 20.3% year on year. Hunan's construction machinery sector has shifted the focus from exporting products to a "go global" strategy of industrial chain. Exports of the "three new" products—electric vehicles, lithium-ion batteries, and photovoltaic products—reached 10.47 billion CNY, exceeding 10 billion CNY for the first time with a year-on-year growth of 39.7%. BYD's electric vehicles are popular in the Lantin American market. Export value of rail transit equipment reached 1.14 billion CNY, rising 24.7%. Vegetable exports stood at 12.96 billion CNY, surpassing 10 billion CNY for two consecutive years, with a growth rate of 4.6%.
"Made in Hunan" has become a hit among the overseas consumers. In 2024, exports of Hunan-owned brands amounted to 116.65 billion CNY, over 100 billion for three consecutive years with an increase of 7.9%. The share of these brands in provincial total exports increased to 34.9%. From Anker's power banks to Zoomlion's large-scale engineering machinery, Hunan-made products have been sought-after in the overseas markets.
Hunan's trade with Africa maintained an average annual growth rate of 14.3% between 2021 and 2024, showing the momentum of rapid development. The figure was 5.3 percentage points higher than the national average during the same period, with the scale of trade steadily topping the central and western parts of China.
The Hunan-Africa trade has now covered almost all countries and regions in Africa, and Africa remains the third largest trading partner of Hunan Province. Hunan has records of import and export to almost every country and region in Africa. The province realized exponential growth in 2024 to the Democratic Republic of the Congo, Morocco, Zambia, and other African countries. Especially in September 2024, riding the wave of the Summit of the Forum on China-Africa Cooperation, Hunan further expanded the market of African countries. Hunan's imports and exports to Africa in the fourth quarter of 2024 increased by 17.3% year on year and 68.7% sequentially, both much higher than the national growth rates for the same period.
Updated in January 2025
Hunan's foreign trade has exhibited the following characteristics in 2024.
The structure of Hunan's foreign trade has been improved. The export value of machinery and electronic products and new high-tech products amounted to more than 183 billion CNY and 57 billion CNY, accounting for 55% and 17.1% of total exports, up 7.2 and 3.3 percentage points from 2023, respectively. The export value of automobiles surged 38.2% to 26.68 billion CNY, while that of automatic data processing equipment and parts grew 23.6% to 9.93 billion CNY. The exports of engineering machinery and the "new three" products, namely lithium-ion batteries, photovoltaic products, and electric vehicles, hit a record high.
The province has steadily expanded foreign trade to enlarge its "circles of friends." In 2024, Hunan registered import and export records with almost all countries and regions in the world, and there were 16 more import partners than in 2023. Exports to other BRICS countries increased by 1.2%, and imports from Belt and Road countries increased by 4.4%. The trade volume with African countries has exceeded 50 billion CNY for three consecutive years, continuing to rank first in the central and western regions of China. Imports and exports with Russia and Latin America increased by 16.7% and 5.4% respectively.
The province's imports have hit a record high. In 2024, the province's imports increased by 5.9%, exceeding 200 billion CNY for two consecutive years. The import value of bulk commodities and mechanical and electrical products was 74.71 billion CNY and 63.27 billion CNY, an increase of 9.2% and 8.7% respectively.
Specifically, Hunan exported 31.63 billion CNY of construction machinery in 2024, hitting the threshold of 30 billion CNY for the first time and increasing by 20.3% year on year. Hunan's construction machinery sector has shifted the focus from exporting products to a "go global" strategy of industrial chain. Exports of the "three new" products—electric vehicles, lithium-ion batteries, and photovoltaic products—reached 10.47 billion CNY, exceeding 10 billion CNY for the first time with a year-on-year growth of 39.7%. BYD's electric vehicles are popular in the Lantin American market. Export value of rail transit equipment reached 1.14 billion CNY, rising 24.7%. Vegetable exports stood at 12.96 billion CNY, surpassing 10 billion CNY for two consecutive years, with a growth rate of 4.6%.
"Made in Hunan" has become a hit among the overseas consumers. In 2024, exports of Hunan-owned brands amounted to 116.65 billion CNY, over 100 billion for three consecutive years with an increase of 7.9%. The share of these brands in provincial total exports increased to 34.9%. From Anker's power banks to Zoomlion's large-scale engineering machinery, Hunan-made products have been sought-after in the overseas markets.
The Hunan-Africa trade has now covered almost all countries and regions in Africa, and Africa remains the third largest trading partner of Hunan Province. Hunan has records of import and export to almost every country and region in Africa. The province realized exponential growth in 2024 to the Democratic Republic of the Congo, Morocco, Zambia, and other African countries. Especially in September 2024, riding the wave of the Summit of the Forum on China-Africa Cooperation, Hunan further expanded the market of African countries. Hunan's imports and exports to Africa in the fourth quarter of 2024 increased by 17.3% year on year and 68.7% sequentially, both much higher than the national growth rates for the same period.
Chinese source: hunan.gov.cn, Hunantoday