Photo shows Christmas gifts outside of a store in Cairo, Egypt, Dec. 27, 2022.(Photo: Xinhua)
Chinese producers and traders of Christmas goods in East China’s Zhejiang Province, a manufacturing and trading hub for small commodities, are experiencing a surge in exports this year, with some seeing a 10-20 percent year-on-year increase, the Global Times learned from industry insiders on Monday.
Despite the impact of inflation in the US and certain European countries on China’s exports, including those of Christmas goods, domestic companies in some regions are actively preparing for the holiday season while exploring other thriving markets, such as Belt and Road Initiative (BRI) partner countries including Russia, and some countries in South America and Africa, industry insiders said.
Christmas is two months away and orders are recovering, with no substantive impact from inflation, Cai Qinliang, secretary-general of the Industry Association of Christmas Supplies in Yiwu, Zhejiang told the Global Times on Monday.
Cai has been in the Christmas-related trade business for many years, and while there was some turbulence during the COVID-19 outbreak, business has stabilized and started to recover following the downgraded measures early this year.
“It’s better than last year as many old clients are now adding inventories in preparation for the Christmas sales season,” he said.
Meanwhile, high inflation in the US and some European countries has continued to hit local consumption, including for Christmas goods.
Consumer confidence levels are warning of concern for retailers ahead of Christmas, Sky News reported on Friday.
US inflation was higher than expected in September, as media outlets reported.
In the first three quarters, Ningbo Port exported 1.96 billion yuan ($270 million) worth of Christmas supplies, down 7.4 percent year-on-year, statistics that Ningbo Customs sent to the Global Times on Monday showed.
While Western consumption remains relatively weak, some domestic companies have turned to emerging markets to offset the impact.
A trader of Christmas-related items surnamed Yu based in Yiwu told the Global Times that exports of holiday supplies are up 10-20 percent year-on-year, mostly to South American countries, where demand remains strong.
Another local trader said that the company used to get orders from the US and Europe, but it has mainly sold to markets such as the Middle East countries and Russia in recent years.
“Markets of BRI-related countries have made up for some of the losses of European and US orders,” he said.
“Countries such as those in Latin America and Russia are now our main target markets. Although consumption has weakened, overall demand is still there,” Cai said. Chinese-made products offer value for money and can be delivered in large quantities at short notice.
Domestic industry insiders and representative groups have dismissed reports by some foreign media outlets that claimed there would be “no Christmas cheer for China’s exports.”
The Christmas goods trade has served as an epitome of the challenging but resilient foreign trade picture this year. From January to September, foreign trade operated smoothly under pressure with steady growth. Exports stood at 17.6 trillion yuan, up 0.6 percent year-on-year, according to the General Administration of Customs.
Trade volume with countries of the joint construction of the BRI amounted to 14.32 trillion yuan, up 3.1 percent, accounting for 46.5 percent of China’s total trade.
Speaking at a press briefing held by the State Council Information Office on October 13, spokesperson of China’s General Administration of Customs Lü Daliang said that in the face of a complex and severe external environment and multiple domestic difficulties, China adhered to the general tone of seeking progress while maintaining stability.
The economy has rebounded for the better, high-quality development has been solidly advanced, and merchandise trade is operating smoothly and positively, Lü said.
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