| Transactions drop, but exceed expectations |
| Tuesday,May 05,2009 Posted: 10:06 BJT(0206 GMT) Canton Fair News |
The second session of the 105th China Import and Export Fair, also known as the Canton Fair, concluded on April 29 in Guangzhou with transactions falling at a slower pace than expected. According to Mu Xinhai, spokesman and deputy secretary-general of the fair's organizing committee, the number of overseas buyers at the second session of the fair reached about 50,000, representing a slight increase of 0.3 percent compared to the same session last year. Transactions totaled $7.07 billion, a drop of 14.9 percent, lower than analysts' expectation amid the worldwide economic crisis. Calling it a "modest" decrease, analysts said better than expected results reflect recovering optimism about China's economy in the global business community. Mu said there were some new highlights at the second session of the fair: While the transaction volume of products to traditional export destinations dropped, the total value of products targeting new and emerging markets showed a slight increase. While the transaction volume of most commodities decreased, famous-brand commodities registered slight growth in their share of exports as they had a smaller decrease. Major exporting provinces and municipalities saw a drastic decrease in transactions, but China's central and western regions witnessed a rapid growth in their number compared to previous fairs. The number of participating private enterprises saw a slight decrease in transactions as a whole, but their proportion of the entire business volume increased. During the first two sessions of the 105th fair, the number of overseas buyers reached 135,000, a drop of 4.2 percent from the corresponding session last year. Transaction volume was $20.1 billion, an 18.8 percent decrease. As concerns grow about the H1N1 influenza that originated in Mexico and has been found in a growing number of countries, Mu said organizers are now making additional efforts to ensure the health of exhibitors, buyers and visitors attending the third session of the fair. Efforts include close tracking of the illness in other countries, strengthening of air quality monitoring in the venue and automatic scanning at entrances of body temperature of participants, as well as other strict sanitary standards. |
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