Knowing All about Hunan

Hunan Imports, Exports Grow 13.4 pct in First Half

Updated:2020-07-22 10:30:39

Changsha Customs announced on July 19 that, Hunan's foreign trade value reached 208.07 billion yuan in the first half, a year-on-year increase of 13.4%. The export value was 136.13 billion yuan, increasing by 5.9%; and, the import value was 71.94 billion yuan, increasing by 30.9%. The imports and exports in general trade and processing trade maintained steady growth. Mechanical and electrical products and labor-intensive products were major exports.

Regionally, ASEAN was Hunan's largest partner with a growing bilateral trade. In the first half, Hunan's trade volume with ASEAN was 34.75 billion yuan, up 39.6%; with Hong Kong was 24.68 billion yuan, down by 10.8%; and, with EU was 22.95 billion yuan, down by 2.8%.

Mechanical and electrical products and labor-intensive products were major exports. In the first half, Hunan exported mechanical and electrical products of 59.52 billion yuan, 43.7% of its total export value. Hi-tech product exports reached 17.65 billion yuan, 13% of the total exports. Textile, fabric and related products, and shoes exports grew.

Mechanical products were major imports. Imports of bulk commodities, such as iron ore and grain, increased. Integrated circuit imports were 13.09 billion yuan, increasing by 140%; iron ore imports were 8.14 billion yuan, up 8%; imported grain amounted to 1.255 million tons, growing by 220%; and, meat imports were 3.28 billion yuan, increasing by 220%.

“As of now this year, Hunan's foreign trade has maintained a steady growth amid the COVID-19 epidemic, deep recession of the world economy, and sharp contraction of international trade and investment.” Changsha Customs analyzed that, as Hunan’s enterprises resumed normal production and work, the import and export demands increased. Rapid growth has been seen in the imports of iron and steel enterprises and manufacturing. Production demand and consumer potential of bulk commodities, including processor and controller, iron ore, copper ore, and soybean, have been quickly unleashed.

In the first half, the import and export value of cross-border e-commerce and procurement trade increased by 6.9 and 2 times respectively, as major supports to the “stabilizing foreign trade” policy. Hunan will grasp the opportunity of applying for the free trade zone, and leverage free trade zone and cross-border e-commerce policies, to promote Hunan-made products, give impetus to industrial chain and employment development, and create open, safe, and stable foreign trade growth areas.

This article is from Hunan Provincial Government

Translator: Pang Yuehui

Chinese source: