Hunan's imports and exports of agricultural products grow steadily in Q1

Hunan's imports and exports of agricultural products expanded by 19.7% year on year to 14.73 billion yuan in the first quarter of 2024, according to the data released by the Changsha Customs Authority. Of the total, agricultural product exports rose 22.7% to 5.62 billion yuan, while imports increased 17.9% to 9.11 billion yuan. 

From January to March, Hunan's main exported agricultural products were meat, grain, aquatic products, dairy food, and fruits and nuts. Tuber crops were for export only. Exports of meat, and fruits and nuts both exceeded 100 million yuan. Imports of meat, dairy food, and fruits and nuts all surpassed 100 million yuan. 

In general, the foreign trade structure of Hunan's agricultural products should be optimized. Exports in the first quarter were mainly contributed by labor-intensive agricultural products such as vegetables, and fruits and nuts. The growth rate of exports was obviously higher than that of imports. 

Conventional markets remain the principal market for foreign trade of Hunan's farm produce, and emerging market is in the ascendant. During the January-March period, the total export value of agricultural products to conventional markets (including American and European countries, Japan, Hong Kong, and the UK) grew 2.3% year on year to 6.72 billion yuan, accounting for 45.6% of the province's total. Trade between Hunan and East African countries hit 33.42 million yuan, up 213.9%; that between Hunan and Eastern European countries stood at 950 million yuan, up 212.1%. Trade with Central American countries surged 328.7% to 80.33 million yuan; that with five Central Asian countries rose 253.3% to 180 million yuan. Though Hunan's trade volumes with these countries are relatively small, the province registered faster growth rate in this regard and better development prospects. 

Trade with Iran, Niger, Tanzania, Denmark, Russia, Brazil, Chili, Costa Rica, and Mexico witnessed fast growth, representing a growth rate of over 100%. 

Highlights were seen in trade between Hunan and developed countries. In the first quarter, trade volume of agricultural products between Hunan and European countries hit 1.78 billion yuan, up 16.5%. The province witnessed a large increase in foreign trade with Denmark, France, Ireland, Italy, Bulgaria, Hungary, Switzerland, Latvia, Lithuania, and Russia. There are promising prospects for trade with European countries.