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Canton Fair sees small export rise amid Europe and U.S. crises

The Canton Fair, China’s largest trade fair, reported a small increase in export deals, despite lingering debt and financial crises in Europe and the United States.

Export agreements worth 37.9 billion U.S. dollars were signed at the 110th Canton Fair, up 3 percent from the last session, which was held in the first half of the year, according to Liu Jianjun, the fair’s spokesman.

The fair received a record 209,175 buyers, up 1 percent from the last session, Liu said.

The fair saw strong demand for export orders from emerging economies, including Africa, Asia, Latin America and post-quake Japan, he said.

But demand from China’s two biggest importers, the Europe and the United States, slumped 19 percent and 24 percent, respectively, due to the debt crisis in Europe and a high jobless rate in the U.S.

Liu said 88 percent of the orders will be filled within the next six months, indicating that exporters are wary of making long-term deals.

“This reflects caution in the international market, as traders did not dare to make long-term orders,” said Liu. “Our exporters also did not wish to deal with long-term orders, as they are worried about fluctuations in materials costs and foreign exchange rates.”

The 110th Canton Fair, which opened on Oct. 14 in south China’s city of Guangzhou, concluded on Friday. – Xinhua

Posted by on November 5, 2011. Filed under Events. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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