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Yiwu's foreign trade rises 20.6% in Jan-Oct period

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Nick Bryant
Nick Bryant
No. 52, North Jinlin RD, Niansanli Industrial Park, Yiwu, 322000, China

Yiwu's foreign trade rises 20.6% in Jan-Oct period

November 24,2021

The city's substantial growth in foreign trade over the period is particularly reflected in its major trading partners, market procurement trade and China-Europe freight train service, exports of high-tech products, as well as imports of consumer products.

The trade volume between Yiwu and Africa, ASEAN, as well as the European Union was 62.63 billion yuan, 39 billion yuan, and 32.91 billion yuan, up 15.3 percent, 30.2 percent, and 34.2 percent year-on-year respectively.

The trade volume between Yiwu and the United States, India, Chile, as well as Mexico was 32.61 billion yuan, 13.5 billion yuan, 10.07 billion yuan, and 9.1 billion yuan, a year-on-year growth of 27 percent, 32.5 percent, 83.3 percent and 73.3 percent respectively.

As much as 78.9 percent of Yiwu's exports, which were valued at 231.42 billion yuan, was conducted in the market procurement trade mode, which features quick customs clearance, as well as value-added tax exemption.

The total value of cargo transported through the city's China-Europe freight train service soared by 65.2 percent year-on-year to 26.46 billion yuan.

The city's exported labor-intensive products were valued at 115.59 billion yuan, up 22.8 percent from the previous year, making up 39.4 percent of the city's total exports. A total of 12.3-billion-yuan worth of high-tech products were exported in the same period, up 168.8 percent year-on-year.

The city's imported consumer products surged 54.8 percent to 13.26 billion yuan, accounting for 74.2 percent of the city's total imports.