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'World accessory market' feels financial pinch

(Xinhua)
Updated: 2008-11-27 16:05

Hu Zhilong, the manager of the China Commodities City Group market development service center, said export volume to the United States has dropped by 0.45 percent year-to-date amid the global financial crisis, while export volume to South America is up more than 40 percent.

But the percentage changes in volume don't fully indicate the relative importance of the respective markets, because the US market is many times larger than the South American market.

An Iranian customer who would only give the name of Mahmoud said he had been coming to Yiwu for four years to buy vases in bulk at wholesale prices. "Despite the global financial crisis, I still come, because commodities here are really very cheap."

"As the world's largest commodity wholesale market, Yiwu's business has not been affected too much, but we are closely observing what will happen next year," Hu said.

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