Canton Fair closes with trade volume reaching $29.288 bn

Canton Fair closes with trade volume reaching $29.288 bn

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

With 85,445 buyers from B&R initiative countries attending, the fair witnessed a year-on-year increase of 1.03 per cent.

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 optimisation. 

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

Focusing on customer experience delivery, the Canton Fair had 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 $3.65 billion to the BRICS countries, an increase of 4.17 per cent, $3.435 billion to ASEAN, a rise of 39.22 per cent and $2.813 billion to Africa reached, an increase of 10.72 per cent.

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 $15.941 billion and accounting for 54.43 per cent 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.

The Canton Fair is held biannually in Guangzhou every spring and fall. Established in 1957, the fair is now a comprehensive exhibition with the longest history, highest level, largest scale and largest number of products as well as the broadest distribution of buyer origins and the highest business turnover in China.

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