Knowing All about Hunan

Hunan's foreign trade to Hong Kong increased by 41.9 times in past 25 years

Updated:2022-07-04 14:33:03

On the occasion of the 25th anniversary of Hong Kong's return to the motherland, Changsha Customs released data on June 30, 2022. It said that in the past 25 years, Hunan-Hong Kong total trade volume has grown from 1.29 billion yuan to 54.07 billion yuan, increasing by 41.9 times. The development has grown by leaps and bounds. Hong Kong provides the "engine" for Hunan's economic development, while Hunan offers resource support to Hong Kong.

Among them, the scale of Hunan's exports to Hong Kong increased from 1.27 billion yuan to 51.91 billion yuan, up 40.9 times. The trade surplus expanded from 1.24 billion yuan to 49.76 billion yuan. The year of 2019 saw Hunan-Hong Kong total trade volume peak, reaching 63.37 billion yuan.

In the past 25 years, Hunan's processing trade with Hong Kong has been playing the dominant role; general trade has grown steadily; and, bonded logistics has developed rapidly. The import and export of processing trade grew from 250 million yuan to 21.08 billion yuan, a rise of 84.3 times.

Private enterprises have gradually replaced state-owned ones and become the main force of Hunan's import and export to Hong Kong. The foreign trade of private enterprises increased from 3.92 million yuan to 42.99 billion yuan, growing by 10967.8 times. The average annual growth rate was 47.3% and the proportion rose from 0.3% to 79.5%.

Changsha has always maintained the leading position in Hunan's foreign trade. Chenzhou and Yongzhou rose rapidly, replacing Zhuzhou and Hengyang, and became the second and third largest foreign trade cities in Hunan to Hong Kong, with an increase of 3,272 times and 2,523 times respectively.

The structure of Hunan's trade with Hong Kong has continued to be optimized: the products exported to Hong Kong have continued to move up the value chain; the imported products have been diversified; the types of key commodities have increased; and, the proportion of single products has decreased. In 1997, Hunan's export products were mainly agricultural products, mechanical and electrical products, and textile yarns. In 2021, the key export products were mechanical and electrical, high-tech, and cultural products. The proportion of exported mechanical and electrical, high-tech, and cultural products increased by 34.6, 34.6 and 15.6 percentage points respectively.