China's Yiwu sees robust trade with BRICS

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Yiwu, the largest small commodity market in China and one which supplies half of the world's Christmas products, saw strong growth in trade with the China's fellow BRICS countries last year, according to local customs authorities.

Exports to Brazil, Russia, India and South Africa reached 1.03 billion U.S. dollars in 2011, up 52 percent from the previous year, said a statement issued Monday by the customs department in Yiwu, a city in east China's Zhejiang province.

Exports to Russia even increased eight fold year-on-year, a trend which which authorities credited to Russia's WTO entry last year.

Customs authorities said they believe that the robust growth has, to some extent, offset the negativity caused by the eurozone debt crisis and instabilities in the Middle East.

The city's total export value stood at 9.87 billion U.S. dollars last year, up 15 percent from a year ago, according to the statement.

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.

BRICS refers to leading emerging economies Brazil, Russia, India, China and South Africa.