The Canton Fair is making waves! With the U.S. escalating its global tariff offensive, many Chinese firms are stepping up their game to overcome these challenges through creativity and resilience. 🚀
The 137th China Import and Export Fair, widely known as the Canton Fair, ran in three phases from April 15 to May 5 and attracted a record-breaking 224,000+ overseas buyers from 219 countries and regions. This milestone highlights a global appetite for innovation in trade despite protectionist trends.
Facing tariff pressures, companies like Yongjia Garments are rethinking their strategies. While their U.S. exports have grown, falling prices due to tariffs have pushed them to limit single-market exposure to 30 percent. They are cutting costs with suppliers and strengthening their own brand to add extra value.
Industry veteran Liang Yu, a senior trader in the lighting sector, noted that although tariffs may cause short-term disruptions, the long-term impact is limited. His firm, along with many others, is broadening its horizons by expanding into Belt and Road markets in South America, the Middle East, and Southeast Asia.
Since 2018, larger firms have been setting up overseas factories and scaling down U.S. exports in favor of domestic sales as well as markets in Southeast Asia, Canada, and Europe. As trade practitioner Li Wei observes, the strong competitiveness of Chinese products is accelerating the development of global industrial chains. Official data reinforces this trend: the U.S. share of exports has dropped from 19.2% in 2018 to 14.7% in 2024, while exports to ASEAN and Belt and Road countries have seen impressive growth.
This evolving market scene shows that innovation and diversification are key to navigating today's complex global trade environment. The Canton Fair stands as a beacon of the resilience and creative spirit that is shaping a new era for Chinese business. Stay tuned for more updates on this dynamic journey! 😊
Reference(s):
Canton Fair shows how Chinese firms are breaking U.S. tariff barriers
cgtn.com
