Trade between Yiwu and Hungary is Expected to Accelerate
The gross foreign export value from Yiwu to Hungary, a country in middle Europe, was USD 4.978 million in 2014, with a year-on-year growth of 13.1%. According to the prediction of analysts who are paying close attention to foreign trade situations, the gross and speed of the trade from Yiwu to Hungary are likely to expand growth this year. There are two reasons for this estimate: one is the background that Yiwu is vigorously developing its import trade, and the other is the cooperation documents of “One Belt and One Road” signed betweenHungaryandChina. It is also learnt thatHungaryis the first European country which has signed the cooperation documents of “One Belt and One Road” withChina.
On June 6th, the website of Chinese Foreign Ministry claimed that Hungary and China had signed Memorandum of Understanding on Promoting the Construction of Economic Belt of Silk Road and Maritime Silk Road of the 21st Century. According to the memorandum,Hungaryis ready to work in close collaboration withChinato promote the construction of major projects, such as the Hungary-Serbia Railway. Although the population of Hungarian is less than 10 million and its area is smaller thanZhejiangProvince, the diameter of its economic radiation is as far as1,000 kmand 250 million people inEurope.Hungaryis an important hub for Chinese products to enter Europe and European products to find their market inChina.
The political and commercial exchanges between Hungary and Yiwu have an earlier start. In September 2013, Yiwu established sister cities with District XI of Budapest, Hungary; the overall plan for Yiwu commodities into Hungarian market was also coming into operation. In June 2014, the sub-station of Integration Project of Yiwugou inHungarywas established and thus Yiwu commodities have entered Hungarian and Central andEastern Europe; in November 2014, the exhibition center of Chinese commodities in Chinese Mart of Budapest, Hungary was officially opened, covering an area of 1,000 m2. According to insiders, under the dual backgrounds of the national strategy of “One Belt and One Road” and the cooperation document signed betweenHungaryandChina, trade betweenHungaryand Yiwu is expected to accelerate.