Business / Economy

Canton Fair data fuels export optimism

(Xinhua) Updated: 2016-05-06 14:43

GUANGZHOU - China's largest trade fair concluded its 119th session on Thursday in Guangdong province, with deals signed there adding to signs of improvement in Chinese exports.

It was the first time that the number of foreign buyers and export turnover of the China Import and Export Fair, also known as the Canton Fair, had both grown on an annual basis since the two indexes dropped at the 114th session in November, 2013, said fair spokesperson Xu Bing.

The fair, held every spring and autumn in Guangzhou city, is seen as a barometer of China's exports.

This session was attended by 185,596 overseas buyers, up 0.43 percent from last spring session. Its transaction volume reached nearly $28.1 billion, up 0.1 percent, Xu said.

The number of buyers from Belt and Road countries accounted for about 44 percent of the total, up 0.8 percent year on year. Buyers from the United States and Canada grew by 2.61 percent and 2.54 percent.

"The progress reflects that Chinese exporters have improved their capabilities and that momentum is growing," Xu said.

He said global buyers have become less sensitive to prices while caring more about product quality and services.

However, Xu warned Chinese exporters not to get too excited about guaranteed demand further into the future, citing the fact that more than 80 percent of the deals inked at the fair would be delivered in six months.

China's exports saw a turnaround in March, while a decline in imports narrowed, adding to signs of stabilization in the economy.

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