A foreign businessman negotiates with a shop owner at the Yiwu International Trade Market. [Photo/tidenews.com.cn]

In the first half of 2024, Yiwu, known as the "World's Supermarket", generated a total of 324.77 billion yuan ($44.64 billion) in imports and exports, a 20.8-percent year-on-year increase.

Exports reached 288.03 billion yuan, up by 21.4 percent, while imports grew by 16.6 percent to 36.74 billion yuan.

Labor-intensive products and electromechanical goods dominated Yiwu's exports, accounting for nearly 80 percent of the total. The export of sporting goods and equipment surged by 42.3 percent, driven by events like the UEFA European Football Championship, Copa America, and the upcoming Paris Olympics.

Chen Shaomei, a soccer ball trader at the Yiwu International Trade Market, reported selling an average of 4,000 soccer balls daily, with continuous orders from Europe, the United States, and Africa.

Yiwu's main trade markets showed significant growth. From January to June, trade with Africa, Latin America, the US, and ASEAN countries increased by 17.1 percent, 32.4 percent, 35.3 percent, and 40.2 percent, respectively.

Hu Yue, head of Yiwu Xiecheng Import and Export Co Ltd, noted that creative curtains, bags, and small household appliances were particularly popular in Southeast Asia, boosting the company's exports by nearly 30 percent.

Yiwu's import momentum was also strong, with consumer goods imports reaching 21.96 billion yuan, a 29.2-percent increase. Imports of beauty and personal care products grew by 39.9 percent to 4.19 billion yuan.

Yiwu Customs has implemented online payment for cross-border e-commerce retail import taxes, significantly speeding up the payment process.