Representatives of Yiwu and South Korea applaud the launch of the China-South Korea Consolidation Center on May 23. [Photo/Zhejiang Daily]

The China-South Korea Consolidation Center was inaugurated in Yiwu on May 23.

During the inauguration ceremony, the Yiwu municipal government and Shandong Port Group signed a framework cooperation agreement, forging a powerful alliance to leverage their respective strengths and establish a bilateral trade corridor connecting Yiwu, Shandong, and South Korea.

Following the ceremony, eight trucks loaded with daily consumer goods departed from Yiwu to the ports of Weihai, Rizhao, and Qingdao in Shandong province. From there, the goods are set to be transported to South Korea's Incheon and Pyeongtaek ports for customs clearance, with delivery to South Korean customers expected within three days.

The Yiwu-South Korea "3-day express" service integrates the efficient transportation network between Yiwu and Shandong, the rapid ferry services between Shandong and South Korea, and the last-mile delivery capabilities of South Korea.

In 2022, the total value of trade between Yiwu and South Korea reached 10.9 billion yuan ($1.55 billion), representing a year-on-year increase of 65.3 percent. Exports accounted for 8.08 billion yuan, while imports amounted to 2.82 billion yuan, growth rates of 44.4 percent and 183 percent.