Mechanical and electrical products accounting for nearly 70% of the city's total

Xiangtan's foreign trade achieved remarkable growth in the first three quarters of this year, according to data released by the Shaoshan Customs Authority. The city's total import and export value reached 26.51 billion CNY, a year-on-year increase of 53%. Its export value surged 105.3% to 20.25 billion CNY, ranking first in the province in terms of growth rate.

From the perspective of trade markets, Xiangtan's diversification strategy has yielded notable results. Between January and September, the city's foreign trade with countries involved in the Belt and Road Initiative amounted to 17.1 billion CNY, accounting for more than 60% of its total foreign trade during the same period. Trade with emerging markets such as Europe, ASEAN, and Latin America also picked up pace simultaneously, with Belarus, Australia, and Malaysia being Xiangtan's top three trading partners.

Xiangtan's exports of key commodities have maintained strong momentum. In the first three quarters, the city's mechanical and electrical product exports were 13.85 billion CNY, accounting for nearly 70% of the city's total export value. Its exports of high-tech products rose steadily, up 74.6%, while those of automobiles reached a record high, with cumulative export value of 8.15 billion CNY. Exports of electric vehicles and lithium-ion batteries increased 460%.

The policy dividends of the Xiangtan Comprehensive Bonded Zone have been fully released, making it an important engine for foreign trade growth. In the first nine months, the foreign trade value of Xiangtan Comprehensive Bonded Zone increased 120% year on year to 11.62 billion CNY, ranking first among the five comprehensive bonded zones in Hunan in terms of growth rate.

The deep integration of foreign trade and advanced manufacturing industries has cultivated more enterprises to go global. From January to September, 372 foreign trade enterprises in Xiangtan had actual import and export performance. Among them, 217 industry-trade integrated enterprises completed imports and exports of 23.21 billion CNY, accounting for 87.6% of the total foreign trade value.

This article is from Hunan Provincial Government. www.enghunan.gov.cn.

Translator: Yu Jiangjiang

Chinese source: hunan.gov.cn