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Hainan's foreign trade up by 61.4% in January-May

China's southern island province of Hainan, which is developing into the world's largest free trade port, recorded robust foreign trade growth in the first five months of 2022, according to Haikou Customs.

The value of the province's total imports and exports from January to May totaled RMB 74.57 billion (about USD 11 billion), up 61.42% year on year.

Exports rose 85.1% to RMB 19.48 billion, while imports reached RMB 55.09 billion, up 54.5% year on year — this growth rate is 49.8% faster than the national average, ranking first nationally.

In the January-May period, the import value of consumer goods hit RMB 21.36 billion, accounting for 38.8% of the province's total imports. Organic chemicals imports registered a significant increase, up 331.2% year on year to RMB 7.36 billion.

Over the past five months, import and export trade between the province of Hainan and the European Union, the Association of Southeast Asian Nations (ASEAN), and other member states of the Regional Comprehensive Economic Partnership (RCEP) all saw clear increases of 55.8%, 39.9% and 44.1% respectively. In addition, the province's trade with countries and regions along the Belt and Road soared to RMB 25.46 billion, up by 104.7%.

Meanwhile, the foreign trade of Hainan's foreign-funded enterprises rose by 58.9% year on year to RMB 17.32 billion.