Jinhua in Zhejiang province recorded total imports and exports worth 4.59 billion yuan ($645.70 million) with Russia in the first seven months, surging 26.9 percent year-on-year, according to Jinhua Customs.
Yiwu, a county-level city in Jinhua, saw its trade with Russia soar by 160.9 percent, hitting 1.44 billion yuan from January to July.
The momentum is widely expected to accelerate following the reciprocal visa-free policy between China and Russia announced on Sept 5.
"Business is about to boom," said Jiang Yongzhong, president of the Wenzhou Chamber of Commerce in Yiwu, adding that traders were already planning expansions.
Leveraging logistics channels including the China-Europe freight train, goods from Jinhua can reach major Russian cities in 7 to 15 days. Combined with the convenience brought by the visa-free policy, Jinhua manufacturers are moving to customized exports from bulk shipments, unlocking new growth avenues.
The textiles sector, a traditionally robust industry in Jinhua, was quick to capitalize on the early momentum. Pujiang county has already organized textile and other enterprises to tap into the Russian market and seek partnerships with key Russian brands.
Beyond the traditional sector, the visa-free policy has also brought expanded opportunities to e-commerce with Russia and Eastern Europe.
Simplified processes covering stays of up to 30 days will facilitate communications with Russian partners, while accelerated movements of personnel will drive the optimization of logistics routes and reduce warehousing and transport costs.
The annual China-Russia trade has already exceeded $200 billion, with huge potential remaining in footwear, construction materials, energy, agriculture, and more.
Jiang said that Jinhua companies should seize the opportunity to expand their business with Russia and Eastern Europe.
