On March 27, Zhejiang Guoda Supply Chain Management Co., LTD., a Saudi Arabian buyer service center, held Yiwu -- Saudi Arabia Trade Promotion meeting in Jeddah, Saudi port city. Li Yiman, director of the center and general manager of the company, introduced Yiwu city to more than 60 export traders from Jeddah, Saudi Arabia. The paper introduces Yiwu's geographical location, economic and social development, market development history, key industry advantages and foreign trade features and highlights.

Saudi Arabia is located at the intersection of Asia, Europe and Africa. It is rich in oil and natural gas resources, and its per capita consumption level is relatively high. Moreover, surrounding countries have strong radiation belt. Saudi Arabia's manufacturing base outside the oil field is weak, small commodities rely on imports for a long time, and has a natural and mutually beneficial trade relationship with our country. On March 10, Saudi Arabia and Iran resumed diplomatic relations through China's long-term efforts, which means that China's economic and trade cooperation with Saudi Arabia and neighboring Middle East countries will further expand. In recent years, Yiwu's trade with Saudi Arabia has grown steadily. In 2022, Yiwu's exports to Saudi Arabia reached 10.2 billion yuan, a year-on-year increase of 26.27%.

Since its establishment at the beginning of the year, the Saudi Arabia Purchasing Agent Service Center has been rapidly making plans for its visit to Saudi Arabia in the light of the overall situation, such as the optimization and adjustment of epidemic prevention and control policies and the changes in international relations. In addition to the trade matchmaking meeting, the center also arranged visits to six local markets including Balad Wholesale Market in Riyadh and Jeddah, Riyadh Trade Exchange Exhibition and furniture exhibition, and Riyadh Chamber of Commerce and Jeddah Chinese Chamber of Commerce. Saudi market has a similar business model with Yiwu market. About 80% of the products sold are small commodities, more than half of which are from Yiwu, such as electronic products, headdresses, toys, daily necessities, etc., with complete categories. Most of them have never been to Yiwu before, according to local operators, and most of them import the small goods from Yiwu through Yemenis in China, which are selling well in Saudi Arabia and neighbouring countries. Exhibitors gather in relevant exhibitions, and most purchasers are Saudi local people, so there is a great demand for procurement. Mr. Li Yiman, director of the center, introduced the work of Yiwu Market, commodity and buyer service Center to the market operators, exhibitors and members of the Chamber of Commerce, and warmly invited all enterprises and merchants to visit Yiwu.

In the next step, Saudi purchasers Service Center will set up service points in Saudi Arabia and establish overseas warehouses to continuously display and promote Yiwu commodities to Saudi purchasers, and at the same time bring effective information about Saudi trade policies, market dynamics, product categories and so on to Yiwu to help Yiwu enterprises and merchants expand the Saudi market and build a bridge to promote bilateral trade.

Contribution source: Yiwu Council for the Promotion of International Trade

From Yiwu Commercial Bureau