Vendors at the Yiwu International Trade Market in Yiwu, East China's Zhejiang Province on December 4, 2023 (Photo/Li Hao/GT)

The city of Yiwu in East China's Zhejiang Province, the world's largest small commodities market, which produces 60 percent of global Christmas decorations, has seen remarkable growth of about 20 percent in Christmas exports compared with pre-pandemic levels, the Global Times learned from local merchants while visiting Yiwu on Monday.

Experts said that the export increase mirrors the stable development of China's export trade this year amid weakening global demand. The country's foreign trade in 2024 will remain stable, boosted by efforts to further open up as well as the vitality of major export enterprises, they noted.

Jiang Jiangping, a Christmas costume producer in the Yiwu International Trade Market, told the Global Times on Monday that his turnover has risen by 20 percent compared with pre-pandemic levels. 

"In addition to traditional European and American markets, there has been growth in customers from the Middle East, Egypt, Iran, Thailand and the Philippines this year," Jiang said.

So far this year, there has been a noticeable increase in the number of individual retailers from various countries, leading to a more diversified marketplace. Vendors have singled out the growing presence of customers from Latin America as a bright spot in their business.

"This year's Christmas season has been extremely busy and exhausting," Lu Minying, a Christmas tree maker at the Yiwu International Trade Market, told the Global Times on Monday.

"Overall, our business has grown by around 10 to 20 percent compared with pre-pandemic levels. Both Brazil and Mexico have shown significant demand," Lu said.

Many vendors said that they have already received orders for next year as foreign buyers start to visit the market seeking new varieties for next year.

"I'm here to check out the new products. We have a high demand for Chinese products, so I wanted to personally come to China this year to see for myself and make purchases without going through intermediaries," Andre Rizzo, a Brazilian trader, told the Global Times on Monday. 

"We have some foreigners coming over now to check out next year's orders. Just now, we got an order worth more than 100,000 yuan ($14,000), our first order for next year, and it came from Mexico. It's a promising start," Sun Xudan, a Christmas tree producer in Yiwu, told the Global Times.

From January to October, Yiwu's total trade volume reached 476.8 billion yuan, an increase of 19.8 percent year-on-year. Exports stood at 421.71 billion yuan, up 16.9 percent on a yearly basis.

"Christmas orders generally reflect the basic state of global demand for Chinese products. The rising demand for Yiwu's products, I believe, is not an isolated phenomenon, and it mirrors the stable growth of China's foreign trade," Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Monday.

China's total trade in the first 10 months of the year grew by 0.03 percent year-on-year, reaching 34.32 trillion yuan, according to data released by the General Administration of Customs. 

In October alone, the country's foreign trade grew by 0.9 percent year-on-year, following a decline in September.

Li said that China's economy is still vibrant this year. "In terms of the capacity of the production and supply of consumer goods, there is no other country that can be said to have emerged to replace China," Li noted.

A vendor at the Yiwu International Trade Market in Yiwu, East China's Zhejiang Province on December 4, 2023 (Photo/Li Hao/GT)

Additionally, Chinese Christmas vendors are increasing their efforts in innovative design to compete in the higher-end market.

"In recent years, our primary focus has been on the development of new products, which gave us a competitive advantage in the market," Lu said. 

"Approximately 70 to 80 percent of our product offerings each year are new. Additionally, we actively participate in international exhibitions in the UK and France to stay informed about the latest trends in the industry," Lu added.

"Against the backdrop of weak global demand for foreign trade, Chinese enterprises are actively going overseas, endorsed by China's improving trade environment as well as its commitment to opening-up, giving full play to the country's advantages in encouraging free trade and free investment," Li noted.

"Overall, China's imports and exports will maintain the momentum of growth this year, and its foreign trade will develop steadily next year, thanks to the adaptability of China's major exporters - private enterprises - to the global market as well as China's proactive opening-up initiatives," the expert said.

Source: Global Times

Editor: Xu Yuying