On November 4, Yantai Sanzhan Wholesale Market and Qingdao Jimo International Mart finished their first export consignments in the pilot mode of market purchase trade under the control of Qingdao Customs District, marking the first practice of this trade mode in Qingdao City and Yantai City respectively.

Market purchase trade, a new mode of foreign trade, means that a qualified operator can purchase export commodities in an officially recognized marketplace, with the cargo value within the prescribed limit, and go through export clearance formalities at a designated port.

According to Yantai Customs House, market purchase trade has the core advantage that export goods can enjoy “one-off declaration, one-off inspection and one-off release” at a local port, thus activating the surrounding marketplaces and attracting worldwide purchasers, so as to help local micro, small and medium businesses and featured products go global.

In September, both Yantai Sanzhan Wholesale Market and Qingdao Jimo International Mart were permitted to pilot the market purchase trade and Qingdao Customs, by collaborating with local government agencies, set up an online information platform for the pilot mode in only one month. By now, there have been 12 enterprises registered and ready for exports in this mode, with more than 50 businesses to be registered soon. 

In the next step, Qingdao Customs will keep guiding the market purchase trade with “one-stop” clearance services and will strengthen the traceability to origin, enterprise credit management, IPR protection, service innovation, and preferential treatment in order to ensure foreign-trade growth.