Canton Fair spurs growth of cross-border e-commerce companies

⁠⁠⁠⁠⁠⁠⁠The ongoing 136th China Import and Export Fair, also known as the Canton Fair, is spurring the growth of cross-border e-commerce companies in China.

This year, the Canton Fair has introduced a dedicated exhibition area for cross-border e-commerce, bringing together seven leading cross-border e-commerce platforms and 34 service providers that support this sector.

A foreign trade company from Wuyi County in east China's Zhejiang Province, which specializes in outdoor leisure products, has been a regular participant of the Canton Fair for the past 20 years.   "Customers we have gained from the Canton Fair make up at least 50 percent of our total customer base. This is a substantial figure, which is why we have never missed one single session," said Ni Xuemin, an exhibitor with the company.   The company began to focus on the cross-border e-commerce sector four years ago, shifting from merely exporting products to establishing a global brand presence. Since then, the company has joined over 10 cross-border e-commerce platforms.   "We launched the 'Brand going global' project in 2021. By 2022, our sales had reached 40 million yuan (about 5.62 million U.S. dollars). Sales increased to 75 million yuan (about 10.53 million U.S. dollars) as of August this year," said Ni.

Wuyi is recognized as a manufacturing hub for tourism and leisure products in China, whose output and export volume of outdoor products account for over 40 percent of the country's total.   "At present, we have formed a development pattern that includes our headquarters in Wuyi, brand operations in Shanghai and research, development and sales overseas. By leveraging new foreign trade models such as cross-border e-commerce and live streaming, we have achieved rapid sales growth," said Zhao Mei, head of the cross-border business of a foreign trade enterprise in Zhejiang.   China's cross-border e-commerce imports and exports amounted to 1.88 trillion yuan (about 264 billion U.S. dollars) in the first three quarters of this year, a year-on-year increase of 11.5 percent and 6.2 percentage points higher than the overall growth rate of the country's foreign trade in the same period, according to the latest data released by the General Administration of Customs.   The 136th Canton Fair opened on Oct 15 and will run through Nov 4 in three phases, with the first phase ending on Oct 19, the second running from Oct 23 to 27, and the third phase starting on Oct 31.   Over 190,000 overseas buyers from 212 countries and regions participated in the first two phases of the ongoing Canton Fair, up 3.4 percent from the same phases of its previous edition.   Launched in 1957, the biannual Canton Fair takes place every spring and autumn in south China's Guangzhou City.

Canton Fair spurs growth of cross-border e-commerce companies

The 2024 Los Angeles Auto Show, one of the largest car events in the United States, is in full swing, serving as a platform for major automakers to unveil their latest models and concept cars. This year's highlight is the industry's transition to electric vehicles (EVs).

Unveiling a new electric vehicle at the Los Angeles Auto Show is no longer a novelty. Manufacturers are now stepping up by introducing electric SUVs and trucks, reflecting the growing demand for versatile EV options.

"What we're understanding is that some of the biggest purchase decisions are made on range and charging. So, everybody wants to have a long-range battery. So, anything over 300 miles, it seems to be the sweet spot. That is when you start getting people to consider switching from a gas-powered car to an electric car," said Shad Balch, Director of Communications at Chevrolet.

Electric vehicles are the buzzword at this year's show, with automakers showcasing new models that promise better performance, longer ranges, and faster charging capabilities.

However, some experts have raised concerns about market saturation. In developed markets like California, many early adopters have already made the switch to EVs.

Despite the higher costs, government incentives continue to play a crucial role in making EVs more accessible.

"EVs are here to stay. They are the wave of the future. Electric vehicles are better for emissions. And the government is mandating that all manufacturers have to produce EVs," said Claudia Anderson, Product Specialist at Subaru.

California is leading the charge with a mandate requiring all new vehicles sold in the state to be zero-emission by 2035. This corresponds to the growing environmental consciousness among consumers, which experts believe is driving the increasing demand for EVs.

"I'm from California. And remember, growing up when we had "spare the air days" - that the air was too dirty to go play outside. So, California's made big strides in leading the way with environmental policy, and the vehicles are a nice complement to help achieve that solution," said Balch.

According to "Statista Market Insights," the U.S. EV market is projected to grow at an average annual rate of over 10 percent, with total unit sales expected to reach 2.3 million vehicles by 2029.

Los Angeles Auto Show 2024 highlights surge in EVs