HomeNewsDiplomatic NewsCIIE breaks records with $78.41 billion tentative deals

CIIE breaks records with $78.41 billion tentative deals

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China, 11 November 2023(TDI): The recently concluded sixth China International Import Expo (CIIE) has set a new milestone in import-themed expos, with tentative deals reaching an unprecedented $78.41 billion for one-year purchases of goods and services. 

This marks a notable 6.7 percent increase from the previous year, showcasing the event’s resilience and global significance.

The CIIE, held from November 5 to 10, welcomed representatives from 154 countries, regions, and international organizations, with more than 3,400 enterprises from 128 countries and regions participating.

A total of 442 new products, technologies, and services were showcased, illustrating the event’s vital role as a platform for high-level opening-up and a catalyst for global economic growth.

The American Food and Agriculture Pavilion at the CIIE witnessed a substantial $505 million worth of deals, with 17 exhibitors from various sectors.

Hosted by the American Chamber of Commerce in Shanghai and the U.S. Department of Agriculture, this marked the first time the U.S. government participated in this grand event.

The success of the pavilion exceeded expectations, indicating the CIIE’s pivotal role in promoting international trade.

Furthermore, Australia, with nearly 250 exhibitors, emphasized the importance of the CIIE in boosting cross-border trade. 

The Australian Trade and Investment Commission (Austrade) reported a record number of participants, with businesses expressing optimism about revitalizing their trade in the wake of the COVID-19 pandemic.

Moreover, the CIIE provided a unique opportunity for less-developed countries, with a nearly 40 percent increase in overseas-organized small and medium-sized companies participating.

Over 1,500 such enterprises joined the expo, including first-time attendees from countries like Dominica, Honduras, and Zimbabwe. 

This inclusivity underscores the CIIE’s commitment to fostering global economic growth.

In addition, domestic companies also leveraged the CIIE to establish connections and explore new business opportunities. 

Befar Group from Shandong Province signed a strategic cooperation agreement with global technology giant Emerson, showcasing the expo’s role in facilitating direct procurement channels.

Also Read: China inaugurates first free trade zone in Xinjiang

Promising Economic Outlook & Seventh CIIE

Despite global trade challenges, China’s imports and exports remained stable, with positive trends observed.

As of October, China’s imports increased by 6.4 percent year on year. Looking ahead, China has set ambitious targets for total trade in goods and services, creating vast opportunities for the global market.

Registration for the seventh CIIE has already begun, with nearly 200 enterprises signing up to participate next year. 

The exhibition area, exceeding 100,000 square meters, reflects the continued enthusiasm of businesses worldwide to engage in this unparalleled platform for international trade and cooperation.

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