International Offshore trading Hainan balance increased by 10 times in 2020

According to Hainan statistics, there was an explosive growth in trade in 2020. In 2020, the scale of Hainan's new offshore international trade balance exceeded USD 1.8 billion, an increase of 10 times over the same period in 2019. In 2020, the construction of the Hainan Free Trade Port yielded fruitful results, reaching four “doubles” (ie, the number of new entrants to the market doubled, the amount of foreign capital actually used for three consecutive years doubled, the number of presented talent and duty-free shopping, the scale income and expenses from offshore international trade of a new type increase 10 times a year.


In addition, the scale of Hainan's offshore international trade new revenue and expenditure accounted for about 20% of the province's total merchandise trade revenue and expenditure last year, the highest share in the country. From an external point of view, in recent years, the average annual growth rate of offshore trade in Singapore is about 18%, and in Hong Kong - about 13.72%, which is much lower than the annual growth rate in Hainan, which is 10 times.


2020 saw the initial emergence of an agglomeration of enterprises. 10 high quality market entities including Sinopec (Hong Kong) Hainan Petroleum Co., Ltd., Sinochem Petroleum (Hainan) Co., Ltd., SDIC International Trade (Hainan) Co., Ltd., Yankuang (Hainan) Smart Logistics Technology Co. , Ltd. and others. Initially, offshore international trade business formed a cluster of enterprises. The rapid development of the new offshore international trade port of Hainan Port has attracted some businesses that provide support services for the new offshore international trade business to settle in Hainan.


For example, a technology company based in Haikou has data from 5,000 ports around the world and shipping data for 230,000 bulk carriers, and can query the status of bills of lading in real time, effectively helping to authenticate new offshore vessels. Hainan Free Port's new offshore international trade spans countries and regions such as Singapore, Brazil, Australia and Bangladesh. A new regional offshore international trading network is gradually emerging, which has played a unique role in attracting, collecting and distributing global resources. Resources. Making Hainan an important strategic foothold for my country's participation in the allocation of global trade resources provides strong support.


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