Global Trade Bumpy Road: Foreign buyers are flocking back to trade shows, with the Canton Fair seeing an impressive surge in visitors, almost returning to pre-COVID levels. However, Chinese sellers remain cautious, with limited expectations of a swift global demand recovery, especially as Christmas approaches.
Over 157,000 overseas buyers have already visited the Canton Fair, a colossal event spread across an area equivalent to 280 football fields. This marks a remarkable 53.6% increase compared to the spring event, bringing the numbers close to the 186,000 visitors recorded in the autumn of 2019, before the pandemic.
One British buyer, David Holmes, who has been attending for over 15 years, mentioned that the current year has been challenging due to various factors, including inflation. Consumers are currently focused on saving their money for essential needs, such as heating and food.
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Many Chinese exporters, especially those with a strong presence in Europe, have faced a sales decline of 10% to 30% this year, partially due to rising energy prices and global instability, including conflicts in Ukraine, Russia, and Israel.
Despite these challenges, there are some signs of improvement. China’s export and import decline seems to be easing, and there is hope for a stronger second half of 2024. Some companies are looking to diversify their markets, with a focus on countries involved in the Belt and Road initiative.
While it’s not yet a complete recovery, there are glimpses of optimism amid the uncertainty. This cautious outlook reflects the complex landscape of international trade in a post-pandemic world.