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Monday, March 27, 2023

126th Canton Fair Shapes New Trade Competitiveness with Improved Buyer Quality

Welcoming 186,015 buyers from 214 countries and regions, the 126th China Import and Export Fair (Canton Fair) closed on November 4th with trade volume reaching USD 29.288 billion. Turnover from countries and regions in the Belt and Road Initiative (B&R) accounted for 37.75 percent of total amount to USD 11.056 billion–representing 14.81 percent year-on-year growth, with 85,445 buyers from B&R initiative countries attending, a year-on-year increase of 1.03 percent.

Xu Bing, the spokesperson of the Canton Fair and Deputy Director-General of China Foreign Trade Centre, noted that this year’s Canton Fair had seen increasing market uncertainty, while exhibiting companies have created new opportunities by discovering emerging markets, which helped shape new market competitiveness. This also echoes China’s improvement and acceleration in trade structure optimization.

The Canton Fair has witnessed the increasing quality of buyers with decision-makers taking up to 85 percent of total participants in addition to 74,722 new visitors that accounted for 40.17 percent. It also received 89 trade missions from around the world, seeing 22 percent year-on-year growth.

Focusing on customer experience delivery, the Canton Fair has not only invited buyers from around the world with emerging market potential but also promoted brands, companies and products with competitive advantages.

Exports to emerging markets have grown significantly at the Canton Fair, including USD 3.65 billion to the BRICS countries, an increase of 4.17 percent, USD 3.435 billion to ASEAN, a rise of 39.22 percent and USD 2.813 billion to Africa reached, an increase of 10.72 percent.

Products with innovative development are highly appraised, such as new energy, sanitary equipment, electronic appliances and lighting products. Electro-mechanical products ranked top in terms of sales, reaching USD 15.941 billion and accounting for 54.43 percent of the total turnover.

The Canton Fair also enables a shared platform for international companies to buy and sell globally, with 642 international exhibitors from 38 countries and regions having quick access to the Chinese market.

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