Initial Exports up 20% at Canton Fair

Canton Fair
Updated: 10/22/2009 12:13:00 AM

Early export orders at China's top trade event were up 19.6 percent compared with spring levels, with a notable return of U.S. and European buyers a positive sign for China's hard-hit export sector, event organisers said.

The mood at Guangzhou's Canton Fair, considered a key barometer for Chinese trade, was far more upbeat this season compared with April, when activity in its cavernous halls was much diminished as Western orders for China-made goods shrivelled amid the financial crisis.

The first phase of the fair, which opened last week, racked up about $15.6 billion in exports, a 19.6 percent increase on the spring session, the official Xinhua news agency reported, quoting Chen Chaoren, a spokesman for the fair.

However, the report did not give a detailed breakdown of the statistics or say how they were obtained, with companies attending the fair not obliged to make full disclosures of their business dealings.

The number of buyers at the opening phase, which centred on goods including home appliances, building materials, hardware and electronics, rose 11.4 percent to 90,000, with those from the U.S. and Europe growing 18 percent and 38 percent respectively, Xinhua said.

China's trade figures for September were surprisingly strong, with exports up 6.3 percent from August after a nadir that saw mass factory closures and layoffs at major export hubs.