Emerging markets boosting export orders

With just two months until Christmas, workers at a factory owned by Jurong Baoli Crafts Co Ltd, a Zhenjiang, Jiangsu province-based toys and giftware manufacturer, were busy assembling stuffed fabric Santa dolls.

The Christmas-related giftware items are being packed for shipment to the Netherlands and Germany.

In recent years, the Chinese exporter has added electronic components and other alluring features to align with global trends and meet customer needs.

"Our orders have surged significantly this year, especially from countries like Singapore, Brazil, New Zealand and Finland," said Wang Hui, the company's business director. "This batch is the last of our Christmas orders. We must complete production and ship immediately to ensure on-time arrivals for the holiday season."

"After mid-October, we will focus on non-Christmas-themed toys and expanding into emerging markets," said Wang, adding the company's total export orders for the Christmas season have reached 6.95 million yuan ($977,200) this year, a 37 percent increase over the same period in 2023.

China's foreign trade grew 5.3 percent year-on-year to 32.33 trillion yuan in the first three quarters, with exports up 6.2 percent, said the General Administration of Customs.

This growth is driven by several factors, including the diversification of China's export markets, increasing business and consumer demand in emerging regions, and changing global trade dynamics.

As Southeast Asia, the Middle East, North Africa and South America play a larger role in global supply chains, these trends are boosting China's trade expansion, said Xiao Lu, deputy director-general of the department of foreign trade at the Ministry of Commerce.

China's foreign trade value with over 160 countries and regions continued to grow during the January-September period. In the meantime, its imports and exports with economies participating in the Belt and Road Initiative rose 6.3 percent year-on-year to 15.21 trillion yuan, accounting for 47.1 percent of the country's foreign trade, Customs data show.

As emerging markets such as Southeast Asia, the Middle East and Latin America boast large, young populations and growing middle-income groups, Peng Bo, a researcher specializing in foreign trade at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said these factors will further drive demand for consumer goods, technology and infrastructure — areas where Chinese companies excel.

For example, China saw its foreign trade value with the Association of Southeast Asian Nations soar 9.4 percent year-on-year to 5.09 trillion yuan between January and September, Customs data show.

"As these economies continue to grow, they offer substantial market potential for Chinese exports, providing an avenue for China to diversify its trade partnerships beyond developed economies," said Peng.