Yiwu sees rise in orders as Paris Olympics draws near

With the 2024 Summer Olympics approaching, Yiwu, located in east China's Zhejiang Province and renowned as the world's largest wholesale market for small commodities, has once again captured widespread attention.

According to Yiwu customs authorities, in the first two months of this year, Yiwu's sports exports increased 70.5 percent year on year. The city's exports to France grew 42 percent year on year to reach 540 million yuan (about $74.52 million).

An employee of a foreign trade company in Yiwu, east China's Zhejiang province sells sports equipment to a Bolivian customer via video links at the Yiwu International Trade Market. (People's Daily Online/Shi Kuanbing)

How does Yiwu consistently seize the opportunities presented by major sports events and gain market favor?

The Yiwu International Trade Market in the city is home to 75,000 stores offering over 2.1 million varieties of commodities across 26 different categories.

Yiwu offers a wide range of products, making it an attractive destination for global merchants.

This is made possible by the impressive evolution of manufacturing companies, transitioning from product production to brand cultivation.

Shengpai Sporting Goods Co., Ltd. in Yiwu, initially specializing in racket production, has now expanded its product range to over 600 items.

According to Yu Ruyu, head of the company, the company's continuous efforts to diversify its product line and establish a strong brand presence have resulted in a growing overseas market and consistent customer orders.

In 2023, Yiwu’s total import and export value exceeded 560 billion yuan, increasing over 15 percent.

In Yiwu, the vast array of small commodities is shattering the stereotype of being cheap and low-quality. Each uniquely designed best-selling product represents the relentless pursuit of excellence in design, materials, manufacturing, and other aspects.

Yiwu's small commodities, known for their high quality, affordability, and efficient innovation, are intricately connected to over 20 industrial clusters and 2.1 million medium, small and micro enterprises nationwide.

"Yiwu-made" zippers, though small in size, account for 30 percent of national production and 60 percent of exports, while China's zipper production represents around 60 percent of the global market.

In recent years, Yiwu zippers have gained a larger share in the high-end market through technological innovation.

With full-fledged industrial and supply chains, Yiwu has a firm hold on its position in the global supply chain, allowing for swift responses to global supply and demand changes.

More than 15,000 foreign merchants from over 100 countries and regions are based in Yiwu.

Its products are distributed to over 1,500 counties and cities within the country through a well-established domestic logistics network. Additionally, Yiwu's trade connections extend to countries participating in the Belt and Road Initiative, enabling trade across more than 230 countries and regions globally.