From 15 October to 4 November 2024, Guangzhou hosted the 136th edition of the China Import and Export Fair, also known as the Canton Fair.
The flagship event opened its doors to a record number of overseas buyers – around 253,000 attendees hailing from 214 nations and regions. The figure represents a 2.8 per cent surge from the previous session in spring and a historic milestone, exceeding the 250,000-participant mark for the first time.
More than 60 per cent of attendees were buyers from nations participating in the Belt and Road Initiative (“BRI”). In particular, there was a notable increase in the number of buyers from Middle Eastern countries, climbing to 34,000. This represents a rise of 32.6 per cent from the previous session. In addition, there was a salient uptick in the attendance of buyers from the United States and Europe, totalling 54,000.
The expected revenue arising from this session’s export deals – to the tune of USD 24.95 billion – showed a one per cent increase over that recorded in the previous session. Further, participating BRI countries constituted more than half of the total transaction volume, with an upward trend noticeable among buyers based in the United States and Europe.
To cater to the ever-growing digital evolution in global commerce and the needs of international buyers, significant strides have been made in improving the functionality and efficiency of the Canton Fair’s online platform. 18 features have been optimised, including the introduction of virtual digital humans and a new dedicated application.
Beyond Numbers: A Showcase of Innovation and Opportunity
The 136th Canton Fair wasn’t just about record-breaking attendance and transactions. It showcased the diverse range of products and innovations driving China’s manufacturing and foreign trade sectors:
- Pet Products: Companies like Hangzhou Tianyuan Pet Products brought innovation to the forefront with their fully automatic cat litter boxes, featuring smart sensing and odor elimination functions. These products highlighted the growing demand for intelligent solutions in pet care.
- Sports Equipment: Enterprises such as Hangzhou Zhenhan Sports Equipment unveiled cutting-edge designs like patented abdominal wheels, demonstrating the emphasis on performance and durability in fitness equipment.
- Food and Beverage: Tianjin-based companies like Tianjin Haihuang Food and Tianjin Yinong Food impressed buyers with a mix of innovative snacks and unique product designs, such as chocolate candies shaped like Chinese zodiac symbols.
- Textiles: Companies like Shaoxing Yihui Textile showcased eco-friendly innovations, using sustainable manufacturing processes to enhance competitiveness and cater to the global demand for environmentally conscious products.
Digital Transformation Enhancing Trade
The Canton Fair’s enhanced online platform offered buyers a more engaging experience through:
- AI-driven virtual assistants to simplify the buyer journey.
- Advanced supplier matchmaking systems for efficient product sourcing.
- Improved global accessibility through digital tools, empowering international buyers to connect with suppliers and make informed decisions remotely.
This digital evolution reflects the fair’s commitment to transcending physical boundaries and enabling year-round engagement between businesses worldwide.
Future Prospects
As the Canton Fair continues to innovate and attract a growing number of buyers, it remains a cornerstone of China’s global trade strategy. The emphasis on high-quality products, technological innovation, and sustainable practices ensures its relevance in an increasingly competitive international market.
By blending rich in-person experiences with a robust digital presence, the Canton Fair is setting new standards for international trade fairs, solidifying its position as a vital platform for global commerce.
