Marina Yue Zhang
The Yiwu International Trade Market in Zhejiang, China, is a sprawling 4 million square metre housing complex over 75,000 shops. As the 2024 Paris Olympics approach, it has been a hive of international trade, with merchants rushing to fulfil Olympic-related orders.
The market is currently abuzz with French-themed products catering to the Olympic fever. Yiwu’s exports to France soared by 42 per cent in the first two months of 2024 compared to the previous year, reaching nearly 75 million euros. Sports goods exports surged by 70 per cent. This reflects China’s robust manufacturing capabilities and pivotal role in global supply chains.
Most products traded in Yiwu’s market belong to labour-intensive light industries, such as textiles and consumer goods manufacturing. In 2023, these products accounted for over 40 per cent of Yiwu’s export value and 52 per cent of its export growth. Despite global supply chains shifting towards countries like Vietnam, the share of labour-intensive goods in China’s total exports has only slightly decreased, from 18 per cent in late 2017 to17 per cent in 2023.
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