Hunan’s Foreign Trade Shows Steady Improvement in the First Half of 2023
Hunan province in China has seen positive developments in its foreign trade sector in the first half of this year, according to data released by Changsha Customs. The total import and export value reached 336.75 billion yuan, marking a 7.6% increase compared to the same period last year.
The province’s exports amounted to 232.87 billion yuan, indicating a 1.7% growth, while imports reached 103.88 billion yuan, experiencing a substantial increase of 23.8%.
Significantly, private enterprises played a crucial role in driving the province’s foreign trade growth. Private companies accounted for 81.4% of the total import and export value, amounting to 274.28 billion yuan. State-owned enterprises also contributed to the positive trend, with their import and export value reaching 40.11 billion yuan, accounting for 11.9% of the total.
Hunan’s trade relations expanded globally, with connections established with 231 countries and regions, four more than the previous year. Among the province’s top trading partners, ASEAN, the United States, and the European Union ranked highest, with imports and exports totaling 70.12 billion yuan, 33.07 billion yuan, and 28.72 billion yuan, respectively. The province also experienced significant growth in trade with Hong Kong, South Korea, Brazil, and Russia.
General trade, which includes longer industrial chains and higher added value, constituted 81.8% of the province’s import and export value. Green and low-carbon products, such as electric passenger vehicles, lithium batteries, and solar batteries, showed rapid growth and emerged as a new export growth point.
The trade momentum in Hunan continued to gather strength, with the import and export value for general trade rising by 3%, processing trade increasing by 14.1%, and bonded logistics surging by 87.1%.
In terms of regional layout, northern Hunan, southern Hunan, and western Hunan saw accelerated opening up and development. The cities of Yueyang, Chenzhou, and Huaihua experienced substantial growth in import and export value, surpassing the average growth rate of the province.
The positive developments in Hunan’s foreign trade sector reflect the province’s commitment to sustainable growth and its ability to adapt to new market trends. With private enterprises leading the way, the province is expected to continue its upward trajectory in the second half of the year.
Sources:
– Changsha Customs: http://english.customs.gov.cn/Statics/4292782c-8e88-4e4b-a046-4d8ba00af5b9.html
– Huasheng Online: https://www.huashengonline.com/news/yangqi/43539.html