Yiwu Customs reported that in the first quarter of 2024, the value of Yiwu's imports and exports surged to 148.25 billion yuan ($20.46 billion), up 25.5 percent year-on-year. Exports amounted to 128.77 billion yuan, a 20.5 percent increase year-on-year, while imports stood at 19.48 billion yuan, a surge of 72.3 percent year-on-year.

During this period, the city's trade with Africa, Latin America, and ASEAN reached 26.78 billion yuan, 23.91 billion yuan, and 15.18 billion yuan, respectively, with growth rates of 28.5 percent, 39.2 percent, and 37 percent.

Trade with India and Saudi Arabia reached 8.23 billion yuan and 4.04 billion yuan, growing by 28 percent and 27.7 percent, respectively, while trade with countries involved in the Belt and Road Initiative totaled 94.83 billion yuan, driving 64 percent of Yiwu's total foreign trade growth.

The city's exports of labor-intensive products amounted to 52.98 billion yuan, a year-on-year increase of 29.6 percent, accounting for 55.1 percent to the city's export growth.

Exports of mechanical and electrical products totaled 490 billion yuan, a 14.2 percent increase, with household appliance exports surging by 53.2 percent to 3.64 billion yuan.

Imports of consumer goods, meanwhile, expanded 27.5 percent to 10.96 billion yuan, accounting for 56.2 percent of the city's total imports, with beauty and cosmetic imports reaching 2.34 billion yuan, a whopping increase of 81.5 percent.