Knowing All about Hunan

Hunan’s Foreign Trade up 26.5% in 2018

Updated:2019-01-24 10:29:23

The Hunan Government Information Office held a press conference on January 21, 2019. Tang Yunfeng, director of the Changsha Customs, announced 2018 Hunan foreign trade data.

In 2018, the total import and export value of Hunan Province reached 307.95 billion CNY, up 26.5% over the previous year. The growth rate ranked first in the central China and fourth nationwide. Hunan’s exports increased 26.5% to 202.67 billion CNY while imports grew 21.2% to 105.28 billion CNY.

General trade played a leading role in Hunan’s foreign trade and grew rapidly. In 2018, Hunan's general trade increased 33.8% to 227.09 billion CNY, accounting for 73.7% of the total foreign trade. The imports and exports of processing trade was 74.96 billion CNY, up 7% and accounting for 24.3%.

Hunan's trade with major trading partners saw an increase, especially with Belt and Road countries. Trade with Hong Kong increased 15.3% to 44.16 billion CNY; and trade volume with the United States and South Korea reached 35.72 billion and 16.58 billion CNY, an increase of 22% and 48.8% respectively. Trade with Belt and Road countries was 80.26 billion CNY, up 36.5%, and that with the EU rose 28.1% to 39.53 billion CNY. Trade with ASEAN countries was 38.15 billion CNY, up 40.3%.

Imports and exports of private enterprises continued to grow. In 2018, these enterprises recorded 212.63 billion CNY in trade volume, up 37.5% and accounting for 69% of the total foreign trade. The trade value of foreign-invested enterprise registered 60.24 billion CNY, taking up 19.6% of the provincial total. Imports and exports of state-owned businesses totaled 35.04 billion CNY, accounting for 11.4%.

Mechanical and electrical as well as high-tech products were major exports. Imports of high-tech products increased substantially. In 2018, Hunan exported 87.46 billion CNY of mechanical and electrical products and 24.38 billion CNY of high-tech products, accounting for 43.2% and 12% of the total exports respectively. Hunan imported 45.22 billion CNY of mechanical and electrical products, an increase of 15.9% and accounting for 43% of the total imports; and imports of high-tech products reached 24.07 billion CNY, up 50% and accounting for 22.9%.