|Yiwu International Trade Market - Embracing Asian Games’ Opportunities|
Yiwu International Trade Market - Embracing Asian Games’ Opportunities
Is Yiwu, known as the ‘world supermarket,’ already benefiting from the Asian Games economy with just over 100 days left until the opening of the Hangzhou Asian Games? According to Yiwu Customs, in the first four months of this year, Yiwu’s exports of sports goods reached a value of 2.13 billion RMB, a year-on-year increase of 8.4%. Specifically, Yiwu exported sports goods worth 750 million RMB to Asian countries and regions, a year-on-year increase of 2.7%. Many sports goods’ merchants have received orders that extend all the way to July and August, and they have also incorporated various Asian Games elements into their products.
Seizing market hotspots is a practice of identifying and taking advantage of opportunities. Lately, the primary focus for merchants in the Yiwu market has shifted towards preparing for the Asian Games.
The sports goods section in the third district of Yiwu International Trade City is filled with the spirit of the Asian Games. Various types of basketballs, footballs, badminton equipment, along with flags, decorations, sports apparel, and other merchandise related to the Asian Games are prominently displayed in the shops. The demand for such products is sharply increasing.
There are numerous businesses that have achieved success by being well-prepared. Last year, in anticipation of the World Cup, Yiwu Minsa Sports Goods Co., Ltd. took proactive measures by planning a year in advance, engaging with clients to explore business opportunities, and ensuring efficient production and sufficient inventory. Despite having a factory with a daily output of only 5,000 units, the company managed to sell an impressive 900,000 footballs during the World Cup year.
In preparation for the Asian Games, market operators are already brainstorming ways to capitalize on the excitement surrounding the event and sell relevant sports goods both domestically and internationally.
Not only the merchants are preparing for the occasion. Yiwu Customs has taken steps to address the specific needs of businesses by establishing a dedicated “Asian Games Commodity Clearance Window.” They have designated specialized staff to help businesses with their inquiries and to evaluate and analyze potential risks associated with proposed business ventures.
Unlike the single-sport focus of the “World Cup” football tournament, the Asian Games has a wide range of sporting events, leading merchants to harbor some concerns about how to effectively prepare for the “Asian Games economy.”
“Leave the market to time,” is a phrase often heard from business owners. From the South Korea/Japan World Cup to the Qatar World Cup, from the Tokyo Olympics to the Beijing Winter Olympics, and from the Jakarta Asian Games to the upcoming Hangzhou Asian Games, every year of major global sports championships made-in-Yiwu sports goods appear on and off the field, adding to the allure of the events. (By Wu Fengyu)