SHENZHEN, China : The first full return of China's biggest trade show saw a drop in the value of signed export orders compared to pre-pandemic levels, though the figure still managed to exceed expectations, its organisers said.Offline export deals signed at the Canton Fair came to $21.69 billion, organise
SHENZHEN, China : The first full return of China's biggest trade show saw a drop in the value of signed export orders compared to pre-pandemic levels, though the figure still managed to exceed expectations, its organisers said.
Offline export deals signed at the Canton Fair came to $21.69 billion, organisers said on Friday, down almost a third on the $29.73 billion signed in the spring session of the fair in 2019. The first major trade event since China abruptly dropped draconian COVID-19 curbs and re-opened its borders came as sharply higher borrowing costs in the United States and Europe hit demand for Chinese-made goods.
China's vice commerce minister, Wang Shouwen, had warned a week before the fair that the foreign trade situation would be"severe and complicated this year." The pandemic caused subsequent fairs to be cancelled, moved online, or held without overseas visitors.
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