China's Yiwu sees brisker business in '11
Updated: 2012-01-11 10:51
HANGZHOU - Yiwu, the largest small commodity market in China and one which supplies half of the world's Christmas products, saw its business even brisker in 2011, despite challenges caused by the eurozone debt crisis and instabilities in the Middle East.
The trading volume of the China Yiwu Small Commodity Market in the eastern city of Yiwu topped $50 billion in 2011, up 12.95 percent from a year earlier, said a statement released by the city's industrial and commercial bureau on Tuesday.
Yiwu, famous for its vibrant free market, supplies about 40 percent of the European market's Christmas products and 70 percent of America's.
Export-oriented markets are usually sensitive to world economic conditions, which were tough in 2011 due to the eurozone and US debt crisis and increased instabilities in the Middle East.
However, the crises and uncertainties did not have much impact on Yiwu's export businesses as the market mainly sells fundamental everyday items, said an official with the city's foreign trade bureau.
"Market demands for daily necessaries usually remain strong when the economy slows," said the official.
Exports to the United States and European countries increased by 23.31 percent and 23.89 percent, respectively, from a year earlier in the first 11 months of 2011, data from the bureau showed.
Meanwhile, exports to emerging markets in Latin America and ASEAN posted stronger growths - up 31.1 percent and 45.7 percent, respectively.
A trade reform with polices related to finance, land, taxes and customs, was introduced in Yiwu in 2011, and experts believe that the scheme has contributed to Yiwu's robust business growth.
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