According to Haikou Customs, the total annual value of imports and exports between companies in south China's Hainan Province and RCEP member countries has increased from 57.36 billion yuan ($7.9 billion) in 2021 to 102.98 billion yuan ($14.2 billion) in 2024, marking an overall rise of 79.5%.

An aerial view of Haikou Port, a vital trade hub in Hainan Province. (Photo: Hainan Daily)

Last year, Hainan's trade with RCEP countries accounted for 37.1% of the province's total foreign trade, showing a significant increase of 28.2% from the previous year. The province's trade with ASEAN countries exhibited substantial growth in 2024, reaching 57.91 billion yuan ($8 billion) and recording a year-on-year increase of 62.3%. This contributed to an overall rise of 9.6% in the province's foreign trade growth. ASEAN has been Hainan's largest trading partner for six consecutive years.

To support the increasing presence of Hainan products in the RCEP market, Haikou Customs issued 926 RCEP certificates of origin in 2024 for products valued at 806 million yuan ($111 million) in total. These two figures indicate an increase of 39% and 56.7% respectively, compared to the previous year.

Hainan Zhongxin Chemical Co., Ltd. has identified its primary markets in Vietnam, Indonesia, and other ASEAN countries. The company is one of many local businesses that benefit from certificates of origin. These documents can assist Hainan traders by reducing or exempting import tariffs by over a million yuan annually on products worth over 23 million yuan ($3.2 million).

Hainan has worked with RCEP member countries to establish a robust industrial and supply chain cooperation framework, with a focus on key sectors such as new petrochemical materials, energy and mineral products, and agricultural byproduct processing.