HAIKOU /China/, November 14. /TASS/. The volume of foreign trade turnover of the southern Chinese province of Hainan amounted to 190.09 billion yuan ($26.05 billion) in January-October 2023, up 17.4% year-on-year, Hainan International Communication Network (HICN) reported with reference to the Haikou City Customs.

Exports accounted for 32% of the province's total foreign trade during the period, HICN said. In the first 10 months of the year, it grew by 8% year-on-year and amounted to $8.35 billion. Imports increased by 22.4% and reached $17.7 billion.

ASEAN countries became Hainan's key trading partners in January-October. The province's trade turnover with them reached $3.97 billion. Australia and EU countries were also among the top three. Trade turnover with them amounted to $3.41 billion and $3.33 billion respectively. According to customs data, 61.5% of foreign trade turnover in the period was generated through traditional trade channels. The share of duty-free trade channels amounted to 9.8%.

Hainan is implementing a free trade port project. Its program was presented in June 2020 and envisages turning the island into a special customs zone. The Chinese government expects to complete the establishment of the free port by 2025, by which time the island should have a system of free trade and investment. By 2035, Hainan plans to ensure the freedom of trade and investment, cross-border capital movement, entry and exit of people, and cargo transportation.