Hunan-Africa Trade up 41.4% in First Five Months
The First China-Africa Economic and Trade Expo will be held in Hunan at the end of this month. The trade between Hunan and Africa has increased this year. According to Hunan’s customs statistics, Hunan's imports and exports to and from Africa was 8.73 billion CNY between January and May, up 41.4% over the same period of last year. It was 6.5 percentage points higher than the provincial foreign trade growth during the same period, accounting for 6.2% of the total.
Hunan exports to Africa are mainly mechanical, electrical, and labor-intensive products, while imports resource-based commodities. In the first five months, Hunan Province exported 2.29 billion CNY of mechanical and electrical products to Africa, an increase of 62.1% and accounting for 38.1% of Hunan's total exports to Africa during the same period. There were 1.35 billion CNY of labor-intensive products exported to Africa, grew by 153.6% and accounting for 22.5% of the total. Hunan’s imports from Africa are mainly resource products. Among them, iron ore and its concentrates reached 1.79 billion CNY, increased by 45.7% and accounting for 65.8% of the provincial total African-imported value. The copper ore and concentrates was worth 210 million CNY, an increase of 57.3%; diamonds 170 million CNY, decreased by 9.2%; and, manganese ore and its concentrates 120 million CNY.
The Customs said that Hunan has obvious imbalanced trade structure with Africa. The general trade has developed rapidly, accounting for more than 90% of the total trade; while processing trade has great potential. Hunan now has entered the best stage to develop economic and trade cooperation with Africa. Hunan may increase processing trade with the African countries, and guide enterprises to carry out outbound processing in Africa. It may rely on African human resources advantages, to ease employment pressure in Africa and reduce the operating costs of enterprises themselves.