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Monday, September 25, 2023

Three Years Later: Yiwu’s Market Overcomes Hardships and Thrives

ChinaThree Years Later: Yiwu's Market Overcomes Hardships and Thrives

The world is experiencing a remarkable revival in foreign trade and Yiwu, a province in China, is leading the charge in this post-pandemic resurgence. Yiwu is home to the Yiwu International Trade City, the largest distribution center for small commodities, and it recently hosted a grand opening ceremony with 75,000 merchants in attendance, eager to place orders for the first time in three years after the COVID-19 pandemic hit.
Merchants and manufacturers in Yiwu are predicting a surge of 30% in sales this year, compared to the last two. Companies are focusing on innovation and quality, with the goal of steady and accelerating growth. The Jingrong Toy Company, for instance, is adding more production lines to improve efficiency and plans to launch at least 10 new products each week. The Bonas Group, a leading producer of socks, is investing in research and development and digital transformation of its workshops to boost market competitiveness and improve quality and efficiency.
Reports indicate that merchants in Yiwu are experiencing strong demand for their products, with expectations of a 60% increase in foreign trade orders this year. The Yiwu government is playing a significant role in this success, working to optimize the business environment and promote foreign trade by providing support with employee residency, production and management, international legal services, and policy consultation. The Yiwu-Xinjiang-Europe cargo train has been a critical factor in this endeavor, with 60 trains dispatched during the recent Spring Festival, delivering essential daily necessities, mechanical equipment, and fabrics to international markets.
Yiwu is not resting on its laurels, however. The city has chartered flights for international buyers to visit and participate in overseas exhibitions, and is actively working to expand global markets. To address employment shortages, the city is even launching a recruitment drive after the Spring Festival to attract workers from outside the province.
In conclusion, the post-pandemic era is a time of great revival in foreign trade, and Yiwu is at the forefront of this resurgence. With its efforts to optimize its business environment, improve the quality and efficiency of its products, and reach out to international markets, Yiwu is well positioned for significant growth in sales and foreign trade orders this year.

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