During the first five months of Hainan Island's foreign trade, the total value of imports and exports was 26.57 billion yuan, up 6.4% compared to the same period in 2017, of which exports were 2.29 billion yuan, an increase of 15 ,1%.
The tax policy of Hainan Island contributes to the increase in aircraft imports, only in the first 5 months of 2018 aircraft to Hainan Province imported to 6.11 billion yuan, while for the whole of 2017, the aircraft was imported less than 2.6 times.
Duty-free imports amounted to 2.65 billion yuan, an increase of 25.1%, the total volume of imports of foreign trade of Hainan Island for the first five months of 2018 increased by 30.2 percentage points, among the largest items of imports are oil refining products and medical goods, import of which reached 580 million yuan, an increase of 37.7%.
According to statistics, the US and EU countries again became the largest trading partners of Hainan Island, and the whole of Hainan Island had trade links in 2018 with 143 countries. The largest trading partner of the island of Hainan is the United States: the volume of imports and exports to the United States amounted to 6.41 billion yuan, up 32.8% from 2017 and representing 24.1% of total imports and exports of Hainan Island, and imports and exports with the EU countries amounted to 4.57 billion yuan, an increase of 33.5%.
In addition, Hainan had trade links in 2018 with Russia, India, Pakistan,
Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan, with total imports and
exports amounting to 1.68 billion yuan, an increase of 1.1 times.
The agricultural export of Hainan Province in 2018 reached 1.26 billion yuan, up
19.7% over 2017, natural gas exports amounted to 230 million yuan, up 16.2% over
the same period in 2017.