Hainan's import/export value over 100 bln CNY in 1st 3/4 of year

By Ding Xin / hicn.cn / Updated: 16:39,20-October-2021

In the first three quarters of 2021, the total import and export value of Hainan's commodities trade totaled CNY 101.35 billion, exceeding last year’s total value. This was also the first time that Hainan's foreign trade exceeded 100 billion yuan in a single natural year, an increase of 60.4% year-on-year (similar to the following), and grew 37.7 percentage points more than the rest of the country over the same period of time.

The favorable policies of the Hainan Free Trade Port have become a new engine for growth in Hainan’s foreign trade. In the first three quarters of the year, Hainan’s exports totaled 24.1 billion yuan, an increase of 27.5%, and grew 4.8 percentage points more than the rest of the country. Imports were valued at 77.25 billion yuan, an increase of 74.4%, and grew at a rate 51.8 percentage points faster than that of the country, ranking second in China.

ASEAN and the EU have become Hainan’s top two trading partners. In the first three quarters, Hainan traded with 179 countries and regions around the world, an increase of 18 compared with the same period last year. Imports and exports to ASEAN countries were valued at 16.99 billion yuan, accounting for 16.8% of Hainan's total imports and exports (similar to the following). Imports and exports to the EU were valued at 15.94 billion yuan, an increase of 81.5%, accounting for 15.7%, and imports and exports to the United States were 7.64 billion yuan, an increase of 31.9%.

In the first three quarters of the year, Hainan registered 5,831 new foreign trade companies, an increase of 128%. In the first three quarters of 2021, the import and export values of the Yangpu Bonded Port Zone were CNY 23.42 billion, an increase of 28.3 times, and accounted for 23.1% of Hainan’s total.  Import and export business in the Haikou Comprehensive Bonded Zone was valued at 19.68 billion yuan, an increase of 66.9%, accounting for 19.4% of the total import and export value in the province. The growth rates for both imports and exports in the Bonded Zone were significantly higher than the overall growth rate of the province and contributed up to 80% of the province's import and export growth during the period.

There has been rapid growth in both the import of consumer goods and the export of high-tech products. In the first three quarters of the year, Hainan imported 31.42 billion yuan of consumer goods, an increase of 52.3%, accounting for 40.7% of the province's total import value during the period. Imported cosmetics were valued at 17.9 billion yuan, an increase of 32.2%, and imports of high-end consumer goods such as jewelry and watches increased by 148.9% and 123.1% respectively. In the same period, the export value of high-tech products was 3.26 billion yuan, an increase of 73.1%, with a  growth rate 45.6 percentage points higher than the overall growth rate of the province's total exports during the same period.

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