Yiwu's trade with BRICS countries goes touches $1.03 billion

BEIJING: Yiwu, China's small commodity market in Zhejiang province, saw a strong growth in trade with India and fellow BRICS countries last year with the quantum touching $1.03 billion in value terms.

Exports to Brazil, Russia, India and South Africa reached $1.03 billion in 2011, up 52 per cent from the previous year, a statement issued by the customs department in Yiwu said.

Yiwu was in news recently for wrong reasons following the illegal detention of two Indians on charges that their company had to pay the local suppliers for the goods purchased. The two had said they were merely employees of the company.

An Indian diplomat who was sent to their rescue, had fainted in the court.

The two were released after Indian government's intervention.

Indian Embassy here had later put out an advisory on its website cautioning the Indian traders not to do business in Yiwu.

Over 100 Indian businessmen are based there placing mass orders.

The Yiwu customs press release said exports to Russia increased eight fold year-on-year following Russia's entry to World Trade WTO.

The city's total export value stood at $9.87 billion last year, up 15 per cent from a year ago, state run news agency Xinhua reported.

Trade reform with polices related to finance, land, taxes and customs, was introduced in Yiwu in 2011, and experts believe the scheme has also contributed to Yiwu's business success, it said.