Foreign trade in Hainan Free Trade Port hits another record high

By Li Xiang / HICN / Updated: 16:58,12-August-2022

According to Haikou Customs, China’s southern province of Hainan saw total import and export volume in trade in goods rise by nearly 50% to 110.5 billion yuan (about $16.4 billion) during the first seven months of the year, ranking third in China in speed of growth.

The province’s export volume grew 84.3% to 33.5 billion yuan (about $5 billion), while its import volume grew 38% to about 77 billion yuan (about $11.4 billion).

China released the master plan for the Hainan Free Trade Port in June 2020, which laid out blueprints to develop the whole province into a globally influential, high-level free trade port. (www.hainanexpo.org.cn)

The growing trade numbers are attributable to increases in trading volume in over 90% of the cities and counties on the free trade port island, including Danzhou, a prefecture-level city in the northwest part of Hainan, which achieved a 51.1% increase to 51.2 billion yuan (about $7.6 billion) in this sector.

In addition, Hainan’s general trade figures as well as trade with other countries involved in the Belt and Road Initiative are all on the rise. And consumer products remained a major part of the province’s foreign trade for the first seven months of this year. 

Hainan has also hit a new record high in total foreign trade volume, which reached 18.7 billion yuan (about $2.8 billion) in July. This continues the steady growth streak in the sector that Hainan has maintained over the past 21 months since November, 2020.

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