Hunan's Foreign Trade Exceeds 133.5 Billion Yuan in Q1

Hunan's total imports and exports of goods stood at 133.56 billion yuan in the first quarter of 2024, according to the Changsha Customs Authority. Exports saw a slow month-to-month decline to 75.29 billion yuan, while imports rose 11.7% to a record high of 58.27 billion yuan.

Production-oriented enterprises registered a faster growth, and private businesses played a bigger role in supporting trade growth. From January to March, the trade volume of production-oriented enterprises totaled 62.97 billion yuan, an increase of 15.4% or 8.42 billion yuan and accounting for 47.2% of Hunan's total. The figure was 15.8 percentage points higher than that of last year.

Hunan's imports and exports with its major trading partners maintained growth momentum. In the first quarter, the province's trade with traditional trading partners including the Association of Southeast Asian Nations, the European Union and the United States amounted to 42.9 billion yuan. Trade with South Africa, Brazil, and Russia reached 6.61 billion yuan, 5.28 billion yuan, and 5.15 billion yuan, up by 108.1%, 31.8%, and 15.1%, respectively. In addition, Hunan's trade with countries involved in the Belt and Road Initiative, other RCEP members, and African countries hit 68.69 billion yuan, 36.99 billion yuan, and 13.6 billion yuan, respectively.

Changsha's imports and exports of goods reached 60.13 billion yuan in the first quarter, accounting for 45% of Hunan's total. Changsha maintains its leading role in foreign trade growth. Chenzhou, Xiangtan, Zhuzhou, and Huaihua witnessed faster growth in this regard.