Hunan's Foreign Trade up 23.7% in First Seven Months

Hunan's total import and export volume stood at 385.13 billion CNY between January and July this year, an increase of 23.7% over the previous year, according to the Changsha Customs on August 11, 2022. Exports grew by 34% to 282.98 billion CNY. The total foreign trade volume and the growth rate ranked 15th and 8th respectively in China.

The scale of foreign trade grew steadily. In the first seven months, Hunan's foreign trade showed strong resilience. In addition to the year-on-year decline in March and April, the growth rate in May, June, and July quickly rebounded to double digits, achieving the pickup in both year-on-year and month-on-month growth rates. A historical peak of 86.06 billion CNY was made in June, up more than 70%. Imports and exports in July grew by 17.6% to 60.3 billion CNY. The foreign trade has stabilized and improved significantly.

Hunan has made steady progress in international markets. In the first seven months, Hunan's imports and exports to the ASEAN countries, Hong Kong, and African countries maintained double-digit growth rates, up 66.1%, 12.4%, and 43.5% respectively. During the same period, Hunan's imports and exports to other RCEP member countries increased by 34.6%.

The foreign trade enterprises increased steadily. In the first seven months, there were 6,830 foreign trade enterprises with import and export performance in Hunan, an increase of 12%. The export value of private enterprises, foreign-invested enterprises and state-owned enterprises all increased by double digits, up 35.7%, 12%, and 38% respectively.

Foreign trade of 13 cities and 1 prefecture in Hunan grew in a balanced manner. In the first seven months, 12 of them achieved growth, of which Changsha, Chenzhou, and Yongzhou increased by 24.6%, 48.7%, and 86.1% respectively. The three cities together contributed 78.6% of the total provincial foreign trade increment.