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Have you ever heard of Yiwu?
Have you heard the importers around you often mention Yiwu, China?
What makes Yiwu so unique and so popular around the world?
I will take you to understand Yiwu next.
Yiwu, the central city of Zhejiang Province, has developed from a small agricultural city to a city based on small commodity enterprises. Since the reform and opening up, it has become one of the most famous cities in the world and is famous for its international commodity trade with more than 200 countries and regions around the world after more than 40 years of development.
Thanks to its central location, Yiwu has become a distribution center for household products in Zhejiang Province. Zhejiang Province to which Yiwu City belongs is one of China’s most important trading provinces, accounting for more than 12% of China’s foreign trade.
So far, it has formed many industrial clusters, such as the Hardware Center in Yongkang City, the China Socks Center in Zhuji City, the Plastic and Rubber Center in Taizhou City, the Textile Umbrella Center in Shaoxing City, and the Plastic Machinery Center in Ningbo City, these cities all supply goods to Yiwu. Yiwu City is also very close to Hangzhou and Shanghai, the transportation is very convenient, and there are many modes of transportation to choose from.
Over the years, Yiwu has formed a unique “market cluster” centered on an international trade city, with multiple professional markets and specialized streets supporting each other. People outside of Yiwu City call all these small commodity markets “Yiwu wholesale markets”. In this sense, there are more than ten small commodity wholesale markets.
Among all wholesale markets in Yiwu, the largest and most famous market is the “International Trade City“. Its current location is in the old Futian Village, so people call the “International Trade City” “Futian Market” or “Yiwu Wholesale Market”. It is the business card of all wholesale markets, other markets and Futian Market are complementary in terms of product categories. Other markets specialize in categories that are not available in the Futian market, such as furniture, production materials, machinery, etc.
In addition to the market, professional streets are also an important part of Yiwu’s wholesale business. When more and more business owners choose to start their business along the streets near the wholesale market, professional streets naturally formed. There are not even enough stalls in the market for businesses to operate here, or the stalls are too small.
Yiwu International Trade City currently has a business area of more than 4 million square meters, 70,000 booths, more than 200,000 employees, and more than 200,000 daily passengers. It is an international small commodity circulation, information, and display center, and one of China’s largest small commodity export bases. In 2005, it was called “the world’s largest small commodity wholesale market” by authoritative organizations such as the United Nations, the World Bank, and Morgan Stanley. It is mainly composed of three wholesale market clusters: International Trade City, Huangyuan Market, and Binwang Market, with a large scale.
Everyone knows that Yiwu is one of China’s largest export bases for small commodities. In 2005, it was called “the world’s largest small commodity wholesale market” by authoritative organizations such as the United Nations, the World Bank, and Morgan Stanley. Therefore, it attracted importers from all over the world to come to Yiwu for trade transactions.
When you come to Yiwu for purchasing after a long journey, whether you are buying directly on the market or buying with the assistance of a translator or agent? I suggest you compare the quotations of as many suppliers as possible to determine the best price. Often suppliers of the same product category are located in the same area, you only need to look around for similar suppliers and negotiate prices with them.
Maybe you are not familiar with the Yiwu market, so you can seek help from an agent. They can take you to the most popular stores based on your product category. You can also check on Yiwugo.com to find the supplier’s information and location in the market. If you find some good suppliers online, you can visit their stores in the market to check their samples and negotiate with the suppliers.
Wholesalers in the Yiwu market can only understand some basic English, such as how much, price, cheap, good and other simple English words. When you see a product you like on the booth, you can point it out with your finger. The supplier will then use a calculator to show you the price in RMB. You need to pay attention to the following fact: the suppliers in the market only accept RMB and reject USD. Since sellers can only communicate in this simple way, if you want to buy a small number of stock products, you only need to pay in cash to deliver the goods to your hotel. However, if you want to discuss with the supplier the manufacturing method of the product, how to customize the product, or develop your own branded product, it is best to find a translator or purchasing agent to help you communicate with the supplier.
But the translator can only help you communicate with suppliers and bring you into the wholesale market. If you need to buy in bulk, or customize products or arrange shipments to your country/region, a professional procurement staff is needed. Some purchasing companies can provide services such as product procurement, sample arrangement, production follow-up, transportation arrangements, and even price negotiation.