Hunan has seen its total import and export volume exceed 700 billion yuan for the first time, reaching 705.82 billion yuan in 2022, an increase of 20.2 percent over the previous year, according to the Changsha Customs on January 16. 

Exports grew by 25.3 percent to 515.46 billion yuan, and imports increased by 8.3 percent to 190.36 billion yuan. 

From the perspective of trading partners, Hunan has established economic and trade exchanges with 227 countries and regions, and Hunan enterprises have expanded businesses in 109 countries and regions. 

The ASEAN, the United States and the EU were the top three trading partners of Hunan Province, with imports and exports amounting to 149.7 billion yuan, 82.21 billion yuan and 62.42 billion yuan respectively, accounting for more than 40 percent of the province’s total.

General trade, processing trade and bonded logistics were the main trading modes in 2022. 

Among them, the import and export volume of general trade amounted to 580.21 billion yuan, making up 82.2 percent of the total. Imports and exports through processing trade reached 67.02 billion yuan. The imports and exports of bonded logistics hit 46.66 billion yuan. 

As for market entities, private enterprises played a major role in the development of foreign trade, with the foreign trade volume standing at 577.48 billion yuan. The figure rose 27.2 percent year on year, accounting for 81.8 percent of the total. 

The other two major market entities, state-owned enterprises and foreign-invested enterprises, achieved imports and exports of 81.27 billion yuan and 46.7 billion yuan respectively.

In terms of exported and imported products, in 2022, mechanical and electrical products, labor intensive products, mineral products and agricultural products were in the majority. 

Among them, such advantageous exports as rail transit, construction machinery and vegetables saw continuous rapid growth. 

“Hunan has shown a steady growth in imports and exports.” Zhu Guangyao, head of the Changsha Customs, said that this record was a continuous leap in Hunan’s total imports and exports to surpass 700 billion yuan after topping 500 billion yuan in 2021. So far, Hunan has maintained a double-digit rapid growth in its foreign trade for six consecutive years. 

Such brilliant results cannot be achieved without a series of preferential policies and measures. For example, Hunan has introduced 35 measures to keep foreign trade stable and improve its quality, and helped enterprises take an international development path. 

It has also made such open platforms as the pilot free trade zone and the comprehensive bonded zone stronger, stimulated the development of “new vitality” of cross-border e-commerce and market procurement, and created new cooperation ways with Africa.  

What’s more, Hunan has established cross-provincial cooperation with 8 customs offices in cities like Kunming and Ningbo, smoothed international logistics channels, and helped Hunan connected with the construction of “Belt & Road” Initiative, the Guangdong-Hong Kong-Macao Greater Bay Area and the New International Land-Sea Trade Corridor. It has also built five international logistics channels, including Changsha International Air Freight, China-Europe Railway Express and Huaihua-ASEAN freight.