Chinese companies seek new markets in hopes to offset impact of US tariffs

Chinese exporters are looking for new opportunities to tap global markets amid the ongoing trade war with the US.

Chinese exporters are looking for new opportunities to tap global markets amid the ongoing trade war with the US.

Key to this are trade fairs, where many can showcase their products and create sales channels to offset the impact of tariffs. The ultimate goal is to find other opportunities outside traditional markets such as the US.

The Canton Fair and the China International Consumer Products Expo (CICPE) serve as key platforms for businesses.

Booths at this year's Canton Fair in the southern Chinese megacity of Guangzhou, Guangdong province, are highly sought after among Chinese exporters hoping to build new business relationships in alternative markets.

"We will certainly expand our markets abroad besides the United States. This product is a key focus right now. It has advanced features. Customers from Poland and the Netherlands wanted to sign an exclusive distribution agreement with us right here," said Tang Shusheng, an exhibitor quoted by Euronews.

In addition to expanding sales, Chinese exporters are also investing in production facilities overseas to strengthen their presence in global markets.

"We plan to invest 10 million yuan (about $1.37 million) in building factories abroad. In fact, we have already found local suppliers for major components," said Huang Shuyu, another businessman.

Canton Fair organizers say about 31,000 companies are participating in this year's fair, which runs until May 5, up nearly 900 from the previous fair.

At the just-concluded CICPE, many Chinese exporters sought to diversify their brands and supply chains, hoping to ensure they remain resilient in the unpredictable trade environment.

Some enterprises are introducing their own brands tailored to specific international markets and with the aim of expanding their domestic market share.

"Last year we started launching our own brands and these products have performed very well in the Russian market," said Ran Yan, a company owner.

The U.S. and China are in a trade dispute that has resulted in Washington imposing tariffs of more than 145 percent on imported Chinese goods.

In March, China's exports jumped 12.4 percent from a year earlier at the last minute as companies scrambled to overcome the tariff increase, and analysts predicted a sharp deterioration in the situation. | BGNES

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