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New data shows impressive growth in Yiwu’s business market

Business vitality is recovering in Yiwu city, a manufacturing hub in Zhejiang province, as some economy data is showing positive growth.

The enterprises’ export confidence index has picked up for two consecutive months, with the number of “order+ inventory” increasing 2.3 percentage points in June, said the China Securities Journal, citing a business data monitoring system of Zhejiang province.

Although policies to import photovoltaic products has seen a big change in some countries and regions, the timely notifications and policies from the Chinese customs helped companies realize a positive growth in export, said Ma Xiaoan, a supervisor at solar product manufacturer Trina Solar to the China Securities Journal.

In the first half of this year, Yiwu’s solar cell products export reached 15.21 billion yuan ($2.25 billion), surging 336.3 percent from a year earlier, the official data showed.

“As shipping logistics improve and some raw materials price fall, Yiwu’s bathroom products have restored their market competitiveness, with the orders that had been lost now returning”, said the China Securities Journal, citing Tao Juying, founder of a bathroom products maker in Yiwu.

The annual sales target set at the beginning of this year has basically already been achieved by July, Tao said.

The 2022 China Yiwu International Hardware and Electrical Appliances Fair attracted 51,070 purchasing agents from 101 countries and regions, with the on-site turnover reaching 204 million yuan.

During the second half of this year, 43 exhibitions are planned to be held in the city, with industries including furniture, beauty, wedding, e-commerce, travel and bathroom hardware, said the China Securities Journal.

More and more entrepreneurs in Yiwu started to pay attention to brand building.

Zhu Yuelai, a founder of an outdoor goods maker in Yiwu said that he decided his company to transform and upgrade from relying on low prices to attract customers, due to a foreign buyer who asked him “…it is true that your chair has such good quality but at such a cheap price”.

Currently, Zhu and his team have been recognized by the industry for their design and creative capabilities. The China Securities Journal quoted Zhu saying that he would continue to carry out in-depth cooperation with universities, expand design departments and proofing workshops, accelerate product innovation and iteration, and strive to design products that meet each customer’s needs.

Yiwu reported its total value of imports and exports hit 222.25 billion yuan in the first half of the year, a 32.8 percent increase year-on-year, and the total above-scale industrial output reached 77.8 billion yuan, jumping 66 percent year-on-year.

The city has implemented a series of measures to help enterprises attracting foreign trade orders, including applying several chartered flights to carry global buyers, collect changes in industry policies to assist enterprises in making a technical trade measures response plan and build the overseas China (Yiwu) commodity market.

On June 30, a China (Yiwu) commodity market started running in Dubai.

Tags

  • business
  • growth
  • yiwu

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