Yiwu index

Yiwu index

The Chinese government on October 23, 2006 officially launched the country's first small commodities index in Zhejiang Province's Yiwu, China's largest small commodities wholesale market. And on the same day, Yiwu index was published on the the 12th China Yiwu International Commodity Fair.

So what is YIwu index exactly? Minister of Commerce Bo Xilai put forward this idea in Sep. 2005 year during a tour to Yiwu and entrusted Zhejiang Gongshang University and Hangzhou-based Hundsun Electronics Co., Ltd. to jointly develop the index program. The index system has 23 specific sub-indices, mainly composed of three parts: small commodity price indices, small commodity market prosperity indices and single monitoring and measuring indices.

Then how Yiwu index works? There is a dedicated team which has more than 120 members to collect 10 kinds of index including the price and turnover both in and out of the international trade city and others. After putting all these data together and calculate it by professional talents, finally publishing.  

What does it mean by 100.40? “100” is a base point depends on the average price of category products on the July, 2006. The price index published weekly in every Tuesday. If the price index is greater than 100 than the goods price is raising otherwise is decreasing. The small commodity market prosperity index published monthly, if the Yiwu index rises, that indicate the goods is tending to be prosperous. 

YIwu index will provide scientific statistics for government decision-making and accurate information for small commodity producers and dealers to adjust their business strategy at any time.

It has already been nearly 6 years since Yiwu index was published. Once you walked into the International trade city you can see the rolling Yiwu index statistics on the screen. It is not mysterious statistics any more but already walked into the dealers’ life. 

Yiwu index is ambitious to be a recognizable brand the Dow-Jones Average. We are expecting Yiwu index can give our life more constructive advices.