Foreign merchants buy goods at the Yiwu International Trade Market. [Photo/ywcity.cn]

Yiwu, a bustling trading hub, witnessed remarkable growth in its import and export sector in the initial months of this year. According to Yiwu Customs, the city's total import and export value soared to 116.6 billion yuan ($16.19 billion) during the first two months, marking a substantial 47.3-percent increase compared to the same period last year.

The city's exports accounted for 102.77 billion yuan, rising by 41 percent, while imports surged to 13.83 billion yuan, a staggering increase of 119.9 percent.

Several factors have propelled this impressive growth. Firstly, an earlier Ramadan this year prompted buyers from regions like the Middle East to advance their purchases, resulting in concentrated shipments during January and February. Additionally, the delayed Chinese New Year led to a busier schedule for foreign traders aiming to meet shipping deadlines, significantly boosting Yiwu's foreign trade activity.

Labor-intensive and electromechanical products emerged as key drivers of export growth, with labor-intensive products witnessing a remarkable 51.8-percent increase, accounting for 41 percent of total exports. Similarly, consumer goods imports, particularly beauty and skincare products, surged by 73 percent, reflecting a growing demand in the domestic market.

Major trading partners such as Africa, Latin America, and ASEAN countries experienced substantial growth in imports and exports, totaling 21.88 billion yuan, 18.62 billion yuan and 11.91 billion yuan, respectively, up 60 percent, 68.2 percent and 54.1 percent.