The trade turnover of the southern Chinese province of Hainan with the countries of the Regional Comprehensive Economic Partnership (RCEP) in 2024 exceeded 102 billion yuan (more than $14 billion at the current exchange rate).
This was reported by the Hainan Daily newspaper, citing official data.
As specified, the volume of Hainan’s trade with RCEP partners exceeded the 100 billion yuan mark for the first time. Compared with 2021, when the agreement came into force, the figure increased by 79%.
Deputy head of customs of the city of Haikou (the administrative center of the province) Zhao Junlun commented that the RCEP member countries have become “Hainan’s most important partner”. According to statistics, they accounted for over 37% of its foreign trade last year.
In particular, the island province’s trade turnover with members of the Association of Southeast Asian Nations (ASEAN) for the same period amounted to 57.91 billion yuan (about $8 billion), an increase of 62.3%. The countries of the association have been Hainan’s largest partner for six years now.
