China”s bustling hub for small commodities, Yiwu in Zhejiang province, posted a record import and export value in the first three quarters of this year, driven by diversified global markets and strong export performance on the back of ongoing trade reforms.
According to data from Yiwu Customs, the city’s total import and export value reached 631.2 billion yuan ($87.8 billion) between January and September, up 26.3 percent year-on-year. While exports grew by 25.7 percent to 553.99 billion yuan, imports saw a robust rise of 31.3 percent, reaching 77.21 billion yuan.
These figures represent historic highs for the well-known trade hub.
The market procurement trade method — a streamlined Customs procedure designed for small commodities — was the primary driver of this growth.
Exports through this channel surged 29.4 percent to 458.38 billion yuan, accounting for a substantial 82.7 percent of Yiwu’s total exports and contributing 92.1 percent to the city’s overall export growth.
Yiwu’s global trade network expanded significantly, with business conducted across 227 countries and regions. Notably, 181 of these markets saw year-on-year growth in trade volume with Yiwu, 29 more than the same period last year.
Diversification continued to be a key strategy.
Trade with Belt and Road partner countries stood out, climbing 28.9 percent to 429.39 billion yuan and making up 68 percent of Yiwu’s total import and export value.
Among major trade partners, ASEAN led the growth with a 52.4 percent increase, followed by the European Union (32.1 percent), Africa (22.3 percent) and Latin America (15.2 percent).
In terms of export commodities, labor-intensive products such as plastic goods and apparel led the way with exports of 232.17 billion yuan, up 25.7 percent. They were closely followed by mechanical and electrical products, which grew 25.2 percent to 203 billion yuan. The export of auto parts was a particular highlight, skyrocketing 63.3 percent.
On the import side, consumer goods including cosmetics and personal care products made up more than half of all imports, with the value rising 30.5 percent to 43.89 billion yuan, which accounted for 56.9 percent of the total. Imports of mechanical and electrical products also saw a remarkable growth of 59.5 percent.
This strong performance has been supported by Yiwu’s ongoing initiatives under a new phase of its comprehensive reform for international trade.
The city is actively enhancing its market procurement system, promoting its “Brands Go Global” strategy, and establishing overseas marketing centers, such as new locations in Japan and Kenya.
Efforts to integrate domestic and international trade through activities like the “Market Global Tour “and expanding multimodal “land, sea, air and digital” trade channels are injecting fresh momentum into Yiwu’s dynamic economy.
chenye@chinadaily.com.cn