Promoting the steady improvement of foreign trade and promoting the diversification of the export market is the deployment requirement for foreign trade development in this year's government work report. Facing the current complicated and ever-changing international trade environment, Jiangsu, as a major foreign trade province, is actively pursuing the strategic opportunities of the Belt and Road initiative and actively expanding its diversified market. Today, we will go to a foreign trade company in Wuxi to see how they discover new markets and inject new kinetic energy into its market endeavors.
A latest batch of tires has just been rolled off the production line in the workshop of Wuxi-based Jiangsu General Science Technology Co., Ltd. They look nothing special but are extraordinary in themselves.
The tires produced by Jiangsu General Science Technology Co., Ltd have the largest market share in Bangladesh but they were nowhere to be seen merely two years ago. At that time, the United States is the company’s primary market with the exports to the United States accounting for more than 50%.
Wu Guoqing and his colleagues realized that putting all their eggs in one basket will restrain the future development. Since they have made plans to "start from scratch," they have set their sights on the Belt and Road initiative.
New markets mean new opportunities and new changes. The "Belt and Road" market is different from the traditional US market as the road conditions for the use of machines are different. The team must constantly adjust its ideas in product development according to the latest needs of customers.
In addition to developing products according to local conditions, they also help local distributors to design and decorate their stores, organize roadshows, and continuously enhance the brand's local popularity. Today, the company's market share in the "Belt and Road" countries has occupied half of the total sale with an annual growth rate of more than 20%.
The powerful guidance of the policy and the active transformation of the enterprise have made Jiangsu, a major foreign trade province, more comfortable in the face of external environmental shocks. In the first two months of this year, the province’s import and export with the Belt and Road counties grew 9.4% year on year to hit 156.6 billion yuan, laying a solid foundation for its stable foreign trade.
