India replacing Iran to become the first destination country of Yiwu smallware exports

according to reports from China’s largest commodity export Yiwu Customs, in March this year, Yiwu Customs exported to India worth $ 590 million, an increase of 117.4%. The first quarter of this year, India for the first time to replace Iran to become the largest export destination country of Yiwu.
Since December 2009, Iran has been from Yiwu, the country of destination. The beginning of this year, the United States and Europe to increase sanctions on the Iranian economy, the rapid depreciation of the Iranian Rial against the U.S. dollar, Yiwu make transactions in U.S. dollars more expensive for Iran, which caused Yiwu Commodity exports to Iran a certain extent. In March of this year, Yiwu exported by Yiwu Customs Iran’s $ 23.47 million, basically flat with last year, but the export cargo of 19,000 tons, down 19.8 percent.
The Indian market has great potential, showing a rapid growth in the rigid demand of Yiwu Small Commodity-based daily necessities. The importance of the Indian market is getting higher and higher, the Commerce Department has India delineated as one of the breakthroughs in key markets of China’s foreign trade diversification strategy. In recent years, India’s economy has maintained rapid growth, an increasingly large population base and an ever-expanding size of the market is strong demand for inexpensive Yiwu.
Yiwu Customs officials said that the Customs will continue to pay close attention to Iran and India and other countries of export price changes, open up overseas markets and respond to risk information to provide analytical support for the enterprise; while strengthening the monitoring and early warning of the commodity export situation, guiding enterprises to reasonable grasp the rhythm of the import and export, improve response to changes in the market capacity; and implementation of customs clearance facilitation measures to optimize the customs declaration, inspection of the two major business processes, given on the export of small commodities to facilitate customs clearance, reducing the corporate time and logistics costs, small commodities export line broader and more convenient.

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