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 | Tuesday, April 25, 2000, updated at 13:19(GMT+8) | ||||||||||||
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Deals Soar at Guangzhou Commodity FairExhibitors at the twice-a-year China Export Commodities Fair are reporting a boom in deals made at the ongoing 87th session of the trade convention.According to a report released on April 23 by the fair's organizing committee, the mechanical and electrical section of the show signed contracts worth US$1.32 billion in the first five days of the fair, soaring 72.26 per cent from the same period in the 86th session and 59.1 per cent in the 85th session. The light industry and handicraft sections clinched deals worth US$680 million, rising 32.08 per cent from the 86th session. Deals inked in the textile and garment section were worth US$593.42 million, rising 57.06 per cent from the 86th session and 46.43 per cent from the 85th session. The minerals and chemical industry section raked in a business volume worth US$235 million, up 37.87 per cent from the 86th session and 47.99 per cent from the 85th session. And contracts for foodstuffs, native produce and animal husbandry sections were valued at US$160 million, rocketing 57.67 per cent from the 86th session and 88.13 per cent from the 85th session. And many exhibitors said the best is yet to come. "Business deals will not climax until the last couple of days," they said. According to Zhao Zhiming, deputy director of the mechanical and electrical section, the strategy of the fair's organizing committee was to give priority visibility to high and new technology products, domestic brand names and products that are highly competitive in the world market. According to the deputy director, many of the section's electronic enterprises and household appliance enterprises clinched deals surpassing US$10 million in five days. And they secured better prices than before for their products, he said. Experts said the improving world economy also explained much of the enthusiasm at the fair. Official sources say a total of 89,070 business people from around the world visited the fair up to on April 23, an increase of 39.53 per cent from the 86th session and 58.03 per cent from the 85th session of the fair. The 87th session of the biannual 12-day event began on April 15.
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