In May, Hunan’s imports and exports reached 73.46 billion yuan, an increase of 54.6% year-on-year and 43.6% month-on-month. The value of exports hit 58.32 billion yuan, an increase of 79.8% year-on-year and 59.5% month-on-month.  

 

From January to May, ASEAN countries, RCEP members and countries along the Belt & Road Initiative had made contributions to Hunan’s foreign trade growth. 

 

Hunan’s foreign trade with ASEAN countries grew by 49.6% to 48.11 billion yuan, accounting for 20.1% of the total. The figure with other RCEP member countries rose by 24.8% to 79.46 billion yuan. The imports and exports with the BRI countries increased by 39.8% to 81.12 billion yuan, contributing 77.8% to the total of the province. 

 

Waterway transportation played a major role in foreign trade, contributing more than 70% in the first five months this year. During this period, Hunan’s imports and exports via waterway transportation exceeded 172 billion yuan, up 20.6% and accounting for 72.3% of the total. 

 

Rubber, toys, iron ores and beans were the main products transported by waterways. It has seen growth in the trade via air and rail transport, with a growth rate of 19% and 31.1% respectively. 

 

In terms of products, the export of Hunan-made shoes surged, and a growing number of toys were sold to Japan and Malaysia. Iron ore imports fell, while soybean imports increased rapidly.

 

Judged from the whole province, 11 of 14 cities and prefecture of the province saw positive growth in imports and exports in the first five months this year. Xiangxi Tujia and Miao Prefecture topped in the province, with the fastest increase of 81.4%. Chenzhou and Changde saw a relatively fast growth.    

 

Changsha Customs suggested that the province should improve the competitiveness of products and expand exports of advantageous products to keep stable growth in foreign trade.

 

Advanced technologies, important equipment, key components and advantageous agricultural products are encouraged to be imported, so as to form a benign interaction with the industrial development of the province.

 

It’s important to seize the opportunity of RCEP and actively expand businesses in East Africa, East Asia, Southeast Asia and other countries.

 

The province should give full play to the advantages of the comprehensive bonded areas and optimize the emerging business forms, support leading foreign trade enterprises to go global, and tap the export potentials of enterprises that are still not engaged in foreign trade business.