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A workshop of optoelectronic company in Yiwu. [Photo/Yiwu Media Center]
Yiwu's exports to South Korea surged 71.63 percent year-on-year to about 6.6 billion yuan ($928.81 million) in the first nine months of the year, according to the local commerce bureau.
In recent years, in line with global trends toward carbon neutrality, South Korea has been vigorously developing solar energy and focusing on increasing the proportion of renewable energy in its energy structure.
At the same time, the Yiwu Economic and Technological Development Zone has been making efforts to develop the optoelectronic industry. With various leading enterprises to build their branches in Yiwu, the Yiwu Economic and Technological Development Zone has created a photovoltaic industry chain.
The development of the optoelectronic industry in Yiwu coincides with the adjustment of South Korea's energy policy, which has effectively promoted economic and trade cooperation between China and South Korea in optoelectronics.
Data from Yiwu customs shows that from January to September this year, exports of Yiwu's optoelectronic projects increased three-fold to 23.88 billion yuan, among which exports to South Korea reached 667 million yuan, increasing by a factor of 37.4 year on year and accounting for 10.11 percent of the city's total exports to South Korea.
In addition, trade between China and South Korea has benefited from the Regional Comprehensive Economic Partnership agreement, which took effect on Jan 1.