Sourcing In Yiwu
November 12, 2012
Unknown to many, there exists a small city by the name of Yiwu that has been the first sourcing choice of many foreign companies. If you want to know more about sourcing in Yiwu then this entry will give you a brief understanding and introduction about this unique city.
Yiwu is an open commodities market. To date its commodities have exported to 215 countries, with residing foreign merchants exceeding ten thousand. By October 2008, the square of Yiwu’s market has grown to four million square meters, with 62,000 different business stands including sixteen large class stands, 4,202 different varieties, 33,217 subclasses and 1.7 million single items. Currently, Yiwu has ranked as the top wholesale market for a continuous 17 years.
Yiwu, which was once called Wushang or Houzhou in ancient times, originally acted as a traditional agricultural town when it was first developed 2,200 years ago. Yiwu is located in the middle of Zhejiang Province, situated next to Shanghai in the east – the biggest commercial city and port of China.
Only after the reform and opening that took place in China after Deng Xiaoping did the old town begin to grow. In 2008, Yiwu was set up as one of the 18 reform and open areas. In March 2011，Yiwu was set up as a comprehensive reform pilot of international trade. Yiwu then finished changing a loose array of street markets into the largest distributing center of petty commodities in the world. It has been given titles such as “the sea of petty commodities”, “the heaven of shoppers” and so on.
There is a saying that the Chinese often use to describe Yiwu:
“Anything you can think of, you can buy at Yiwu”
These words cannot more accurately describe the true character of Yiwu. It offers a variety of consumer goods such as: tools, accessories, craft gifts, luggage, bags, clothes, cosmetics, cultural goods, sporting goods, etc. You can find anything that your imagination can muster and more!
Yiwu is the banner of China’s market economy. Having a wide range of quality products at generally lower pricing, the market has become a shopping paradise for tourists and businesses alike. Now that you know a bit about the city, plan a visit next time to see it for yourself!