In a remarkable achievement, Hainan’s trade with ASEAN has reached historic levels in the first three quarters of this year. According to the latest data released by Haikou Customs on October 16, the total import and export value between Hainan and ASEAN hit 43.49 billion yuan (approximately 6.16 billion USD), representing a substantial year-on-year growth of 70%. This figure not only surpasses the total trade volume expected for all of 2023 but also sets a new record.
During a press conference on the same day, Lu Jinsong, Deputy Director of the Statistics and Analysis Department at Haikou Customs, noted that since 2019, ASEAN has been Hainan’s largest trading partner for five consecutive years. In fact, the bilateral trade volume has expanded from 27.77 billion yuan in 2019 to 35.69 billion yuan in 2023, averaging an annual growth rate of 6.5%.
Lu highlighted three key trends in Hainan’s trade with ASEAN during the first three quarters of this year:
First, overall growth has been tremendous, with Hainan’s foreign trade with ASEAN exceeding the entire 2023 target. Specifically, imports reached 15.47 billion yuan, a modest increase of 2.6%, while exports soared to 28.02 billion yuan, an impressive growth of 166.5%.
Second, cooperation between Hainan and ASEAN has deepened. The trade of intermediate goods, which reflect the collaboration level in industrial and supply chains, reached 24.88 billion yuan, marking a 47% increase year-over-year. These intermediate goods now account for 57.2% of the total bilateral trade value.
Lastly, the range of goods imported and exported between Hainan and ASEAN countries has become increasingly diverse. Notably in the agricultural sector, unique products from ASEAN, such as durian and mangosteen, have gained popularity among consumers in Hainan. Moreover, Hainan’s specialty seafood is gradually entering the ASEAN market. In the first three quarters, agricultural product trade between Hainan and ASEAN grew by 21%. Other sectors also saw remarkable increases, with machinery and electronics growing by 558.2%, refined oil by 24.1%, and basic organic chemicals by 40.7%.
Zhao Junlun, Deputy Director and spokesperson of Haikou Customs, further revealed that the total import and export value for Hainan in the first three quarters of 2024 reached 205.95 billion yuan, marking a historic high for this period, with an increase of 20.2% year on year. Exports alone were valued at 79.36 billion yuan, up 43.7%, while imports amounted to 126.59 billion yuan, a rise of 9%.
