'World's supermarket' sees record trade of over 700b yuan in Jan-Oct

HANGZHOU - The city of Yiwu, known as "the world's supermarket," in East China's Zhejiang province, posted a record import and export value of 701.19 billion yuan ($99.1 billion) in the first 10 months of this year, surpassing the 700-billion-yuan threshold for the first time.

The value has already exceeded the city's full-year total in 2024, with its market diversification strategy increasingly prominent, according to the Yiwu Customs.

From January to October, Yiwu saw trade with 230 countries and regions globally. Among them, 164 saw growth rates exceeding double digits, an increase of 32 compared to the same period last year. Notably, exports to ASEAN markets surged by 51 percent year-on-year.

Yiwu Customs issued 130,000 China-ASEAN Certificates of Origin during the period, with a total value of $2.87 billion, representing year-on-year increases of 26.52 percent and 26.15 percent, respectively, helping enterprises save approximately 1 billion yuan in tariffs in importing countries.

"For example, thermal cups exported from Yiwu can enjoy zero-tariff treatment in Indonesia with such a certificate," said Cai Sisi, a customs officer.

Data shows that the city exported 5,096 categories of goods in the first 10 months, an 11.2 percent increase year-on-year. Exports of cultural goods amounted to 58.18 billion yuan, up 19.5 percent year-on-year.

"Yiwu's cultural products are gaining popularity in overseas markets. Items that provide emotional value are particularly favored by foreign consumers," said Huang Changchao, president of the city's cultural products industry association.