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[Week 17] Business with OBOR Countries Booms in Canton Fair Phase 1

2015-May-5       Source: Newsgd.com

The first phase of 117th Canton Fair ended on April 19 with a volume of 7 billion USD in mechanical and electrical products, according to trade fair officials.

The first phase of 117th Canton Fair ended on April 19 with a volume of 7 billion USD in mechanical and electrical products, according to trade fair officials.

Trade with countries along the One Belt and One Road region increased to 2.65 billion USD, including trade with Vietnam which was 160 million USD, up more than 200 percent. Brunei, Uzbekistan, Syria, Serbia and other countries increased trade with China by more than 100 percent during the trade fair, officials said.

Turnover with EU countries reached 1.68 billion USD, 35 percent of the total turnover in the first phase, up 62 percent from the previous session. Trade with Japan, Russia and US decreased 31.4 percent, 30 percent and 26 percent respectively.

Pan Yipeng, a regional manager from Guangzhou Tech-Long Packaging Machinery Co., Ltd, said that manufacturers need more time to get familiar with the "One Belt and One Road" policies, and laws of neighboring exporting countries

During the trade fair's first phase, the most popular booths were in electrical appliances, which attracted buyers from European countries and the US. Some buyers said that focusing on the middle and high level market is the key to speeding up transformation and upgrading.

An unnamed export sales manager from Tongke, a company that designs, manufactures and sells home audio equipment, said that demand for technical innovation has increased for high-end customers from Europe and the US.

An official from Midea, a company that manufactures air-conditioners, said that innovative products are key to winning market share since made-in-China goods are no longer cheap.

Editor: Chan

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