Hainan service imports and exports hit 4.3b yuan in Q1

In the first quarter of 2020, Hainan province's total volume in service imports and exports totaled 4.3 billion yuan ($610 million), with emerging services trade turnover increasing by 31.44 percent.

Hainan's service imports were 2.6 billion yuan, up 4.33 percent year-on-year, while its service exports were 1.66 billion yuan. The province had 79 service trade partners, and the service trade volume with Hong Kong, the US, Ireland, Singapore, and Canada accounted for 60.82 percent of the total.

There were eight sectors with a total service trade volume exceeding 100 million yuan: transportation services; travel services; telecommunications, computer services, and information services; business services; cultural and entertainment services; maintenance and repair services; intellectual property services; and processing services.

The import and export of emerging services (excluding transportation, travel, construction, government procurement, processing, and other services) increased by 31.44 percent on a year-on-year basis, accounting for 35.49 percent of the total service trade, an increase of 11.39 percent over the same period last year.

In March, as the impact of the COVID-19 pandemic on services trade slightly eased, the import and export of services increased by 9.03 percent compared with February. The four sectors of transportation services, telecommunications, computers, and information services, processing services, and commercial services played a role in boosting service trade in that month. The growth of ocean shipping imports and exports, as well as computer exports gained strong momentum, while the export volume of processing services remained stable.

An aerial photo of Haikou Port. [Photo/Hainan Daily]