GUANGZHOU, China, Nov. 23, 2018 /PRNewswire/ -- China's Belt and Road Initiative (BRI), the country's strategy to boost economic development along the Silk Road Economic Belt and the 21st Century Maritime Silk Road, has brought more business opportunities to the 124th China Import and Export Fair (Canton Fair). Turnover from BRI countries at the Fair reached US$ 9.63 billion, a 2.7% year-on-year rise, which accounts for 32.3% of the Fair's total export volume.
This year marks the fifth anniversary of the BRI. Businesses along the project's routes have become an important part of Canton Fair. Despite global economic uncertainty, international trade between China and BRI countries continues to increase. "As one of the biggest trading platforms in China, Canton Fair will continue to promote opportunities along the BRI to deepen multilateral economic and trade cooperation, helping achieve shared prosperity and mutual development among the countries," said Xu Bing, Deputy Director General of the China Foreign Trade Centre.
Increasing Interest in Chinese Products from BRI Countries
According to the Chinese General Customs Administration, the total value of Chinese imports and exports to countries along the BRI has reached a record-breaking RMB 16.8 trillion in the first three quarters of this year, a 13.2% jump from last year.
Showing strong interest in doing business with China, 5 out of the top 10 buyer origins at the Canton Fair are from the BRI. 84,578 buyers from BRI countries have attended the Fair, a year-on-year increase of 0.16%, accounting for 44% of total attendance.
Following this trend, exhibitors have brought their localized products to the Fair. Galanz, one of the largest microwave oven manufacturers in the world, now occupies 80% of the Indian microwave ovens market, and has doubled its exports to Ukraine and Hungary. Meanwhile, Chigo Air Conditioning has been maintaining a market share of more than 10% within BRI countries.
Import Opportunities Highlighted at Canton Fair
BRI countries have also developed market potential in China at the Canton Fair. 381 BRI exhibitors covered all 6 product categories, while South Korea, Malaysia, Egypt, Turkey, Thailand, Pakistan and India each featured a country pavilion.
Leading appliances companies from Indonesia, Egypt and Turkey attended Canton Fair to promote their products. SANGTHAI Sport Blaze Co., Ltd from Thailand sealed deals with Saudi Arabian customers during its debut at the Fair. Likewise, Macau Yonghui Food Company has found market leads every time they attend Canton Fair. They believe that the Fair is a great way to develop new business.
For more information, please visit: http://www.cantonfair.org.cn/en/index.aspx
Canton Fair
The China Import and Export Fair, also known as the Canton Fair, is held biannually in Guangzhou every spring and fall. Established in 1957, the fair is now a comprehensive exhibition with the longest history, highest level, largest scale and largest number of products as well as the broadest distribution of buyer origins and the highest business turnover in China.
