Market Purchase Trade to Become Hunan Foreign Trade New Growth

In its first month the Gaoqiao Bazaar pilot operation of market purchase trade, the Changsha Customs received 24 customs declaration forms for goods totaling almost 1.32 million USD. The person in charge of the Changsha Customs said that the good start of this pilot will make market purchase trade a new growth point for Hunan’s foreign trade.

The Gaoqiao Bazaar pilot program received its national acceptance on January 25. It became operational on March 5. In the first month, goods that could be declared based on this mode included kitchenware, bedding, clothing, backpacks, kneepads, and speakers. They were mostly exported to Russia, the United States, Brazil, and the European Union. This pilot program has become the main trade mode of export commodities at Gaoqiao Bazaar.

An insider with the Changsha Customs related that the market purchase trade mode refers to the mode of trade in which,

-- Goods are purchased in an identified market agglomeration area, with a value of less than 150,000 USD for a single declaration form;

-- Customs clearance procedures for export commodities are handled at the place of purchase.

Goods exported by this mode of trade can be declared in the simplified procedure. Costs are reduced for enterprises.