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Hainan's foreign trade turnover of services up 43.38% in January-May

Services trade in shipping, commerce and insurance grew the fastest

HAIKOU /China/, June 23. /TASS/. Total foreign trade turnover of services in China's southern Hainan province in the first five months of 2023 was 17.8 billion yuan ($2.5 billion), up 43.38% compared to the same period in 2022. This was reported by the Hainan Daily newspaper.

The province's exports of services rose 28.19% year on year to 7.81 billion yuan ($1.1 billion) during the period. Imports reached 10 billion yuan ($1.4 billion), up 57.87%. In May, foreign trade in services increased 45.02% year-on-year to 4.24 billion yuan ($597 million).

Trade in freight, commerce and insurance grew the fastest. From January to May, trade in freight services increased 70.74% to 6.69 billion yuan ($942 million). In commerce, the figure reached 5.39 billion yuan ($759 million), an increase of 11.45%.

The service sector in international tourism is also recovering at a fast pace. The volume of trade in such services rose 38.2% to 1.46 billion yuan ($205 million) in the first five months of the year. The increase in air travel has also led to more than doubling of airplane repair and maintenance services. In January-May the figure was 1.4 billion yuan ($197 million).

During the next phase, the provincial government will continue to explore opportunities for further reform in services trade, create a favorable business environment, and actively promote new points of growth in key areas, especially in digital trade.

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