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Hunan sees a boom in economic trade with Africa

ck1wixnt70|Updated : Jun Thu 2023
In the first five months of this year, the total import and export value of Hunan was 293.4 billion yuan, up 26.6% compared to the same period last year. Among them, the total imports and exports value to Africa amounted to 27.01 billion yuan, a year-on-year increase of 54.5%.

Among the 230 countries and regions that have established economic and trade exchanges with Hunan, the top three trading partners of Hunan in the first five months were ASEAN, the United States, and the European Union, with the import and export value to ASEAN reaching 63.33 billion yuan, a year-on-year increase of 35.3%.

Its import and export value to the countries along the “the Belt and Road” was 116.07 billion yuan, up 45.9% year on year, accounting for nearly 40% of the total foreign trade volume of the province. The import and export volume to other member countries of the Regional Comprehensive Economic Partnership (RCEP) was 94.68 billion yuan, up 23.5% year on year.

In the first five months, the total value of private enterprises’ import and export reached 240.84 billion yuan, a year-on-year increase of 30.4%, accounting for over 80% of Hunan’s total foreign trade value. Both state-owned and foreign enterprises have seen remarkable growth in their imports and exports.

The export of high-tech products has increased significantly. In the first five months, Hunan’s export value of electric passenger cars, lithium batteries, solar cells and other products totaled 2.48 billion yuan, a year-on-year increase of 51.7%. The export volume of high-tech products reached 24.88 billion yuan, a year-on-year increase of 25.1%.

The comprehensive bonded zone has further played its role, and new forms of foreign trade have grown rapidly. In the first five months, the import and export volume of five comprehensive bonded zones in Hunan amounted to 71.43 billion yuan, accounting for 24.3% of the total import and export value of the province. The province’s imports and exports increased by 142.1% through fast-growing bonded logistics.
 
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