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28 October 2008 at 13:20 IST
Recession? Canton Fair gets $38.2 bn business!
By Toni Sagami
You’ve probably never heard of the Canton Fair, but it is the largest trade fair in the world, where thousands of manufacturers, businessmen, and merchants gather to conduct business.
The Canton Fair is co-hosted by the Ministry of Commerce of the People’s Republic of China and the People’s Government of Guangdong Province, and organized by the China Foreign Trade Centre.
Also known as the China Import & Export Fair, the Canton Fair has been held in the spring and fall since 1957 and has the largest assortment of products, the highest attendance, and the largest number of business deals made at any trade show on the planet.
22,000 exhibitors and 200,000 buyers from more than 200 countries gather in Guangzhou (formerly known as Canton) to find everything from industrial products, textiles and garments, medicines and health products, gifts, and consumer goods.
At the most recent fair, a total of $38.2 billion worth of goods were ordered, accounting for a whopping 25% of China’s entire annual export total. The Canton Fair is simply the single most important business event of the year.
Hey! Somebody needs to tell the businessmen at the Canton Fair that the world is falling into a deep global recession because the businessmen in attendance are too busy making money to listen to what the “experts” from Wall Street and CNBC keep telling us.
Exports Fuel China’s Unstoppable Economy Get this: The number of exhibitors at the Canton Fair hit 53,000, 10% more than just six months ago.
The reason is simple — the export business is still booming. According to the Ministry of Commerce, China’s exports rose 22.3% to $1.07 trillion during the first three quarters of this year. In September alone, exports rose by 21.5% a year earlier and China boasted a trade surplus of $29.3 billion
“Export figures do not seem to be very discouraging now,” confirms Zhang Yansheng, director of the International Economic Research Institute of the National Development and Reform Commission.
“China’s economic fundamentals are still strong, so are exports,” Yao Shenhong, a Ministry of Commerce spokesman concurs.
NCDEX PEPPERMALABARGARBLEJUN12 20 June 2012
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