Reference News website reported on May 9 that according to a report from Bloomberg News Service website on May 7, for more than 20 years, Chinese entrepreneur Zeng Yibao has built a pet supplies company selling pet bowls and toys to American families. He is now seriously examining the market for cats and dogs in other regions.

"This year, our Asian market will grow significantly - the economy is full of vitality. We just need to make some adjustments to product design," said Zeng Yibao, co-founder of Hsup Design & Manufacturing Co., at his company's booth at the Canton Fair, the world's largest trade fair, which was held against the backdrop of comprehensive tariffs imposed by the U.S. on Chinese goods.

The report noted that Chinese exporters like Zeng Yibao are experiencing delays in U.S. orders after the new trade war erupted between the world's two largest economies. Despite preparations for negotiations to ease the tariff deadlock, there were indications when the fair ended earlier this week that exporters are ready to increase customers outside the United States.

It was pointed out that interviews with over 20 Chinese manufacturers showed a consensus in support of China's tough stance on trade issues with the U.S. Company executives are preparing for the worst-case scenario: a significant reduction in American buyers.

For 20 years, Liaoning Yaloma International Trade Co., Ltd. has been exporting Halloween goods to the United States. The company's owner, Zhai Gang, said, "In the past, more than 80% of our export products were sold in the U.S. market, but in recent years, this proportion has changed. In the future, I will mainly go to Europe or South America."

The report noted that there were not many American buyers at the Canton Fair, but the scene was bustling. Chinese companies mentioned an increase in buyers from the Middle East and Africa. Organizers' data showed a 24% growth in buyers from BRICS countries such as Russia and India, and a 17% growth in buyers from countries involved in the Belt and Road Initiative. The growth of European and American buyers combined was only 3%.

Many consumer goods and home product exporters said they prefer regions like the Middle East and Southeast Asia - where economies are industrializing and the middle class is growing.

"We expect better business growth in the Middle East, where people are wealthier and have strong purchasing power," said an executive from Stardust Ceramics Development Co., "We are also working on domestic sales."

The report noted that in recent years, Southeast Asia has become China's largest export market. Du Guochen, director of the E-commerce Research Institute of the Institute of Commerce and Economic Cooperation under the Ministry of Commerce, said that double-digit growth in online retail sales in many Southeast Asian countries provides huge space for Chinese exporters to engage in cross-border e-commerce.

Yuan Li, deputy general manager of Guangdong Songfa Ceramic Co., Ltd., said that the sales gap in the U.S. market could likely be filled by Europe and some emerging markets. (Compiled/translated by Zhao Feifei)

On May 5, buyers negotiated at the clothing booth during the 137th Canton Fair. (Xinhua News Agency)

Original article: https://www.toutiao.com/article/7502283257342394919/

Disclaimer: This article represents the author's personal views. Please express your opinions by clicking the 'like/dislike' buttons below.