The 133rd Canton Fair concluded on May 5th after a three-year hiatus from in-person events, delivering an impressive "report card": over 2.9 million visitors, 21.69 billion dollars in on-site export deals, and record-high exhibition space and participating companies.
Behind the fair's strong attendance and remarkable achievements is a vote of confidence from global businesses in the resilience and vitality of the Chinese economy.
From the first day of the event, the surge in consumer spending on hotels, restaurants, and tourism in Guangzhou was palpable. The influx of visitors caused traffic congestion in and around the fairgrounds, but also presented more business opportunities.
While the business of overseas buyers is still recovering from the exhaustion brought by the long trip, they demonstrated a strong willingness to buy and place orders quickly. Many buyers also scheduled visits to factories of exhibiting companies, indicating potential for future collaborations.
The event featured approximately 300 new product launches and premieres, resulting in 21.69 billion dollars in on-site export deals and an additional 3.42 billion dollars in online export sales from April 15th to May 4th. The impressive transaction volume not only demonstrates market recognition but also the confidence in and determination of China's economic development.
According to data from the General Administration of Customs of China, the number of import and export companies with actual trade in the first quarter of this year reached 457,000, up 5.9% year-on-year, with 384,000 of them being private enterprises, up 7.5%. By holding the Canton Fair, China has invited global trade partners to expand cooperation and share opportunities, injecting confidence and vitality into the stable development of the global economy.
The trade trends showcased at the Canton Fair included a focus on green development, the popularity of "Made in China" products, the increased export of new energy products, and the digitization of trade. What global buyers value most about China's trade offerings are the extensive range of categories available for manufacturing and the dependable and efficient supply chains in place. The thriving supply and demand at the Canton Fair showcased China's manufacturing prowess and innovative capabilities, while also highlighting the world's confidence and expectations for China's high-quality economic growth.
As a barometer of China's foreign trade, the signals released by the Canton Fair not only reflect the current situation but also point to the future. This year's fair saw more buyers from Southeast Asia, South America, the Middle East, and Africa, in line with China's changing foreign trade market trends. In the first quarter of this year, China's imports and exports to emerging markets such as countries in ASEAN, Latin America, and Africa increased by 16.1%, 11.7%, and 14.1%, respectively, accounting for a combined increase of 2.4 percentage points. This means that these markets will become the new blue ocean for Chinese foreign trade enterprises to explore.
Although the Canton Fair has come to a close, the dynamic energy demonstrated by it has convinced the market that China's manufacturing industry and global market are heading towards each other, creating new opportunities for cooperation.
