A new deal is signed to open a Yiwu Selection store overseas on April 11. [Photo/Tide News]
Yiwu in Jinhua, Zhejiang province, is the world's largest hub for small commodities and is shifting from mass manufacturing to brand building.
On April 11, the city signed deals to open two new Yiwu Selection stores in South Korea and Ecuador respectively, as part of a fast-expanding global retail push.
Launched in September 2023, the Yiwu Selection branding campaign aims to create a recognizable global identity for its goods. The strategy covers overseas markets, warehouses, showrooms, e-commerce platforms, and trade expos. In just over a year, the effort has reached more than 20 countries, helping over 5,000 companies go international.
The momentum is strong. In less than four months, Yiwu Selection has expanded to all five continents. The city's first overseas commodity market is already operating in Dubai.
In 2024, Yiwu's total imports and exports rose 18.2 percent to 668.93 billion yuan ($91.50 billion). Exports hit 588.96 billion yuan, up 17.7 percent, while imports grew 22.2 percent to 79.97 billion yuan. Trade with Africa climbed 16.4 percent and 24.4 percent with Latin America, both of which surpassed 100 billion yuan.
