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Canton fair seriously impacted by crisis
11
May '09
The 105th Canton Fair in Guangzhou came to an end. China's foreign trade has been seriously impacted by the global financial crisis can be gauged from the fact that, the total export turnover of the fair reached US $26.23 billion, down 16.9 percent from the previous session.

According to the Deputy Secretary-General of the Canton Fair and press spokesman Mu Xinhai at yesterday's closing ceremony, the 105th Canton Fair received 165,436 buyers from 209 countries and regions, less 9,126, or down 5.2 percent from the previous session.

In addition to reduced visitors, the export turnover has also contracted to some extent. The export turnover of the 105th session registered US $26.23 billion, less US $5.32 billion or 16.9 percent from the previous session.

Electrical goods turnover fetched US $11.26 billion, down 19.5 percent from the previous session and accounted for 42.9 percent of total trade; light industrial products completed $8.37 billion, down 15.3 percent, accounting for of 31.9 percent of overall turnover and textile and apparel realized $3.23 billion, down 11.7 percent, accounting for 12.3 percent of the total turnover.

From the geographical point of view, transactions of traditional markets shrank, while emerging markets increased. The European Union, the Middle East and the United States remained the top three in transactions, representing $7.57 billion, $4.08 billion and $3.3 billion with an increase of 28, 4.7 and 8.1 percent, respectively.

In emerging markets, Argentina, India and ASEAN achieved a turnover of $380 million, $770 million and $1.93 billion, showing an increase of 10.2, 6.2 and 7.1 percent, respectively. Mu Xinhai said that the current fair was held under the impact of the financial crisis and turnover in every sector has decreased due to its effect.

Fibre2fashion News Desk - China

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