The pilot program gives a new impetus to the development of foreign trade

Stimulated by good news, the foreign trade industry, which produces half turnover of Yiwu market, witnesses a substantial increase of business volume in the first half of this year, as the pilot program for the comprehensive reform of international trade is being carried out in Yiwu.

According to the statistics from Yiwu Customs, Yiwu has achieved a total value of $1.68 billion in the self-run import and export in the first half of this year, up 24.6 percent year-on-year, including an accumulated export value of $1.53 billion, up 23.2 percent, and an accumulated import value of $150 million, up 40.9 percent.

Sources say general trade still dominates the city’s foreign trade, as the self-run import and export volume via general trade accounts for 92.3 percent of the total. And the private enterprises remain the pillar of Yiwu foreign trade. The self-run import and export value of private enterprises reaches $1.2 billion, a rise of 27.8 percent year-on-year, making up 71.5 percent of the total. Besides, labor-intensive products still highlight the export trade. Garments and accessories, spinning yarn and textiles and electromechanical products are the predominant products in the self-run export in the first half of this year.

Despite the expanded export volume as a result of Yiwu pilot program, the overseas markets are also undergoing new changes. Among the major partners in the bilateral trade, European and American markets turn sluggish, while the ASEAN market is having a boom, sources with Yiwu Customs say.