Hunan Foreign Trade Sees Good Start in 2022

Hunan’s foreign trade has witnessed a good start. On March 16, the Changsha Customs released the import and export of foreign trade in Hunan Province on January and February 2022. In the first two months this year, Hunan’s total import and export value was 76.84 billion yuan, a year-on-year increase of 10.7%. Among them, the value of exports was 50.48 billion yuan, increased by 12.1%, and that of the imports was 26.36 billion yuan, up 8.2%.

Between January and February, Hunan’s foreign trade maintained growth with major trading partners such as the ASEAN countries, the United States, and the European Union. Among them, Hunan's import and export volume to the ASEAN countries was 14.84 billion yuan, increased by 46.4%. The RCEP officially came into effect since the beginning of this year, and Hunan's foreign trade volume to the RCEP member countries reached 25.31 billion yuan, a year-on-year increase of 23.1%.

It was worth noting that the growth rate of Hunan's foreign trade with countries along the "Belt and Road" route was higher than the overall growth rate. From January to February, Hunan and the countries along the “Belt and Road” route achieved an import and export volume of 25.5 billion yuan, up 31.2% year on year.

The vitality of private enterprises was further released. In the first two months, the import and export value of private enterprises in Hunan was 58.61 billion yuan, an increase of 20.3%.

Mechanical and electrical products continued to be the main force in export, and the exports of footwear and clothing grew rapidly. In the first two months, Hunan exported 20.79 billion yuan of mechanical and electrical products, accounting for more than 40% of the provincial export total during the same period. Exports of footwear, clothing, and clothing accessories increased by 15.8% and 18.3% respectively year on year.

Imports of high-tech products surged significantly. In the first two months, Hunan's imported mechanical and electrical products accounted for 34% of the provincial import total during the same period. The imported high-tech products increased by 18% year on year. Among them, the import of integrated circuits was 4.38 billion yuan, up 52.7%.

Translator: Yu Jiangjiang