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Changsha foreign trade hits record high in 2017

Updated: 2018-01-29

 

Changsha, provincial capital of Hunan, recorded up to 93.8 billion yuan ($13.89 billion) worth of trade in 2017, which is a year-on-year increase of 26.9 percent, as reported by the Changsha Evening News on Jan 25.

 

This meant that Changsha accounted up to approximately 40 percent of Hunan's 243.43-billion-yuan worth of foreign trade.

 

In recent years, Changsha has been actively expanding its trade channels by linking up the city with both domestic and overseas markets while also taking up the new opportunities that have arisen due to the Belt and Road Initiative.

 

Containers are stacked up at Changsha port. [Photo by Hu Fujun/icswb.com]

 

The ASEAN region was Changsha's largest trading partner last year, with import-export volume amounting to 14.51 billion yuan, which was 77.7 percent higher than the previous year of 2016's numbers.

 

Vietnam and Thailand followed up closely in the next two spots, with 4.36 billion yuan and 2.54 billion yuan trade respectively. This was an 138.1 percent increase for Vietnam and 47.6 percent increase for Thailand compared with the previous year.

 

The Changsha-Russian foreign trade managed to reverse the tide of negative growth during the first six months of 2017 with an incredible second half. Through recording a year-on-year increase of 95.8 percent at 1.76 billion yuan, Changsha-Russian was able to sit firmly in the green by the year end.

 

Mechanical and electrical products have been the biggest contributor to Changsha's staggering growth in export volume, as the industry exports grew by 57.4 percent to 12.5 billion yuan last year. While high-tech products import values tripled to 321.6 percent last year resulting in 2.93 billion-yuan worth of exports. Labor-intensive products also saw a nice growth rate of 69 percent to 3.25 billion, due to mostly increased trading with nations along the Belt and Road.

 

The launch ceremony of the Xiang Ou Express Changsha-Budapest freight train is held on May 27, 2017, being a big boost for Changsha's foreign trade. [Photo by Chen Fei/icswb.com]

 

Last year, the Hunan provincial capital experienced a sky high of growth in terms of cultural imports from countries along the Belt and Road, a year-on-year jaw-dropping increase of 1,486 percent.

 

Aquatic and marine products and integrated circuits are the two other major categories, growing remarkably by 611 percent and 307 percent year on year respectively.

 

Through the ten China-Europe railway lines, Changsha cargo has found its way to places in Asia and Europe like Germany, France, the UK, Poland, Hungary, Russia and Iran.

 

Changsha will continue to develop new methods while also taking advantage of the existing established platforms of expanding channels and new cooperative relations to promote Hunan enterprises globally, said Changsha Customs.

 

Source: Changsha Evening News