Cross-border e-commerce has become a new growth driver for foreign trade development. Let’s take a look at the foreign trade market analysis in 2024

The overall growth trend is maintained

Although the foreign trade industry is generally sluggish in 2023, in terms of export data, there has not been a significant decline, but a growth trend. Customs data show that in the first 10 months, my country's total exports reached 19.55 trillion yuan, a year-on-year increase of 0.4%. Although the growth trend is weak, it is still growing. Therefore, without major changes, foreign trade is likely to continue to grow in 2024.

Cross-border e-commerce becomes a new growth driver

Cross-border e-commerce has become a new growth driver for the foreign trade industry a few years ago. In the first half of this year, my country's cross-border e-commerce imports and exports achieved rapid double-digit growth. Cross-border e-commerce can reduce intermediate trade links and break through time and space restrictions, which has enabled more and more traditional foreign trade companies to begin to transform into cross-border e-commerce. Therefore, cross-border e-commerce will still be a major driving force for the foreign trade industry in the next few years.

Demand in traditional markets declines, emerging markets become the protagonist

Affected by inflation and the international environment, the import volume of traditional foreign trade markets in Europe and the United States has dropped sharply this year. However, demand in emerging markets, such as the Belt and Road countries, is growing rapidly. In addition, the same is true for markets such as Southeast Asia, Latin America, Africa, and the Middle East. Therefore, in 2024, foreign trade people can deploy multiple markets to reduce the risks brought by a single market.

Demand for traditional categories has declined, while the new three products have continued to grow

The decline in demand for traditional categories is also a major trend in the development of the foreign trade industry in 2023, while the new three products have performed well in 2023, basically doubling in size. In 2024, this trend is also likely to continue.

Social e-commerce may rise

Social media has become an indispensable part of people's lives. Using social platforms to promote and promote their products has also become a major trend in cross-border e-commerce. At present, all the giants are laying out social e-commerce. For example, Amazon has cooperated with Facebook and Instagram some time ago. Therefore, whether you are doing cross-border e-commerce or traditional foreign trade, you should pay enough attention to social media.

Fujian Fuzhou

On the morning of January 13, the third session of the 16th People's Congress of Fuzhou opened at the Straits International Convention and Exhibition Center. Wu Xiande, mayor of Fuzhou, delivered a government work report on behalf of the Fuzhou Municipal People's Government. The report highly affirmed the China Cross-border E-commerce Fair!

The China Cross-border E-commerce Fair combines authority, specialization and internationalization, and is committed to efficiently connecting the global supply chain and online consumer demand. The exhibition has successively obtained tripartite certifications from the Ministry of Commerce, China Council for the Promotion of International Trade, and the International Exhibition Union (UFI), etc. from the government, industry, and international, becoming the leader of the national cross-border e-commerce exhibition.

The China Cross-Border Trade Fair insists that suppliers account for 80% and that the supply chain is king. It is held in Fuzhou every March. It has been held for three consecutive years since 2021. Nearly 10,000 exhibitors have participated in the event, covering more than 60 characteristic foreign trade industrial belts in more than 20 provinces and cities across the country, with more than 500,000 visitors and an intended transaction amount of more than US$10 billion.

With the rise of some emerging blue ocean markets and China's investment and cooperation in countries along the "Belt and Road", these countries have gradually become the "hot cakes" of foreign trade companies.

According to customs data, in the first 10 months, ASEAN was a major trading partner of China, with a total trade value of 5.23 trillion yuan, an increase of 0.9%. Among them, exports to ASEAN were 3 trillion yuan, an increase of 0.6%; imports from ASEAN were 2.23 trillion yuan, an increase of 1.3%.

Although the export growth is not much, with the recovery of tourism and economy in Southeast Asian market, the vitality of Southeast Asian market is gradually emerging. Southeast Asian consumer groups are also relatively young, and this group has a high acceptance rate, and is particularly enthusiastic about Chinese beauty, clothing, and electronic appliances.

In addition, according to the published data, China's daily necessities, motorcycle parts, luggage, equipment, etc. are also commodities with large import volumes in Southeast Asian market. Such foreign trade enterprises can develop Southeast Asian customers through offline exhibitions and online customer acquisition software such as Kuaiqucha and other tools.

The Central Asian market has actually always been an emerging market that Chinese foreign trade companies have ignored. Central Asian countries are generally entering a stage of rapid development, and import and export trade is also active.

According to customs data, in the first eight months, China's imports and exports to the five Central Asian countries amounted to 390.47 billion yuan, a year-on-year increase of 34.1%, which was significantly higher than the overall growth rate!

For foreign trade products, clothing, daily necessities, motorcycle parts, luggage, etc. are hot-selling, and these products are also the main products produced by domestic and foreign trade enterprises. It can be said that the difficulty of development is very low.

Everyone has seen how easy it is to do business in the Middle East. Middle Eastern customers want large orders and good prices. They are ideal trading partners. The key is to connect with them.

Brother J will give you a trick. It is actually very easy to connect with Middle Eastern customers. Just participate in the exhibition! Middle Eastern customers prefer to participate in some domestic bulk commodity, daily necessities, beauty and cosmetics exhibitions.

In addition, participate in various exhibitions held in the Middle East. Saudi Arabia, the United Arab Emirates and other countries are also among the countries in the world that hold more and more intensive exhibitions. There are trade exhibitions basically every month. Foreign traders with conditions can pay attention to this information, actively participate in exhibitions, expand Middle Eastern contacts, and seek cooperation.

Brother J reminds all foreign traders that the current situation in the Middle East is complicated. If you want to do business safely, you can cooperate with Iran, Saudi Arabia, Qatar, the United Arab Emirates and other countries to avoid the generation of bad debts in foreign trade.

According to relevant statistics, the total value of China's exports to other Latin American countries (regions) from January to September 2023 was US$40.2017 million, an increase of US$27.729 million compared with the same period in 2022, a year-on-year increase of 224.7%!

The Latin American market is becoming one of the most anticipated and developed markets in 2024 with its booming market power.

Foreign trade companies that want to develop niche markets and make a lot of money quietly may also look to the Latin American market. Brazil, Mexico, Chile and other countries have huge consumer groups. Whether it is agriculture or emerging industries, Latin American countries have shown great market demand.

Fertilizers, automobiles, spare partsThe demand for products such as components, photovoltaics, mobile phones, and clothing has increased dramatically, and related foreign trade companies can make plans.

Each market has its own characteristics and difficulties. Foreign trade companies need to conduct sufficient market research and risk assessment when developing markets in order to develop strategies that suit market demand.

Statement:

1. Some of the text and pictures in the article are from the Internet;

2. There is no necessary connection between the text and the pictures, and they are for readers' reference only;

3. If this article inadvertently infringes on the legal rights of any party, it will be deleted upon notification.

4. We are committed to protecting the author's copyright and not infringing on the legitimate rights and interests of any party. Reprinting or quoting is only for the purpose of spreading more information. Some materials come from the Internet and their true source cannot be verified. If there is any infringement, please contact us to delete;