RCEP helps China's Yiwu realize surging trade volume with ASEAN countries in first 2 months

A foreign merchant shows his QR code at the Yiwu International Trade Market in Yiwu City, east China's Zhejiang Province, Feb. 20, 2021. (Photo by Gong Xianming/Xinhua)

Yiwu, China's small commodity hub in Zhejiang Province, realized a total import and export value of 8.39 billion yuan with ASEAN countries in the first two months of 2022, up 63.6 percent year on year, according to Yiwu Customs, reported Chinanews.com Thursday.

The Regional Comprehensive Economic Partnership (RCEP), which entered into force in January, brought new development opportunities for Yiwu's foreign trade with ASEAN countries.

The per-capita car ownership in Indonesia is high and the motorcycles and other accessories enjoy a broad market. Chinese products are cost-effective and very competitive in foreign markets, said Deng Chaofeng, head of a supply chain company in Yiwu.

In the future, the company will continue to improve its comprehensive service system for overseas trade, create the full industrial chain of cars, motorcycle parts, used cars and even whole car exports, while developing e-commerce platforms in other ASEAN countries to enrich the overseas market, Deng added.

According to the data released, Yiwu realized a total import and export value of 73.76 billion yuan in the first two months of 2022, up 47.8 percent year on year. Among them, its trade with the Belt and Road countries and regions reached 30.45 billion yuan during the period, up 40.5 percent year on year.