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Hunan makes strides in foreign trade over past decade

2022-10-04

Over the past decade, Hunan has made strides in foreign trade development. The foreign trade volume hit 200 billion yuan, 300 billion yuan, 400 billion yuan, and 500 billion yuan successively.

 

Currently, the figure is approaching 600 billion yuan, marking robust growth momentum. Between 2012 and 2021, Hunan's total import and export value grew from 138.57 billion yuan to 597.28 billion yuan, with its proportion in the national total rising from 0.57% to 1.53%.

 
The structure of exports has been optimized. Hunan has been accelerating industrial transformation and upgrading while stabilizing the export of traditional sectors such as the labor intensive products and agricultural products. Hunan-made products have gone global. In the past decade, the average annual growth rate of the export of labor intensive products, such as clothing and suitcases and bags, and agricultural products stood at 30.1% and 14.4% respectively. The export of mechanical and electrical products including construction machinery and electronic information products surged, with the proportion in the provincial total up 3.7 percentage points. The average annual growth hit 21.5%.
 
The imports expanded constantly. Notable growth was seen in the import of manufacturing products, especially the upstream equipment for the integrated circuit industry. Over the past decade, Hunan's import volume of semiconductor manufacturing equipment increased by 37.7%. Beyond that, more high-quality agricultural products were imported to enrich people's options on dinner tables. The average annual growth of agricultural products import was 31.8%.
 
Trade partners increased in diverse manners. In 2021, Hunan had trade partners from 223 countries and regions. ASEAN, the U.S.A, and EU are the three largest partners of Hunan Province. The import and export value of Hunan with them respectively rose 6.3, 7.2, and 2.3 times over that in 2012. Meanwhile, Hunan has taken efforts to expand cooperation with African countries.
 
The import and export value with Africa realized an average annual growth of 11.6%. Hunan has remained committed to the countries and regions along the Belt and Road, grasped the opportunities brought by RCEP (Regional Comprehensive Economic Partnership). Hunan's foreign trade volume with the Belt and Road countries and regions, and the RCEP member countries, respectively increased by 4.5 and 8.1 percentage points over that in 2012.
 
The platforms of opening up have been motivated. Over the past decade, the comprehensive bonded zones across Hunan Province increased by 70% on average annually. New business forms boomed, such as cross-border e-commerce and market procurement. Since the pilot for market procurement trade was approved in 2019, the average annual growth rate of this trade reached 37%.