In January, China's acquisitions of Chilean cherries represented 93% of Chile's cherry exports, marking a notable increase in trade interactions. The value of these purchases reached USD1.4 billion, evidencing a 30.8% surge from the previous year, as reported by Prochile. This follows a trend where over 90% of China's cherry imports were sourced from Chile, based on China Customs data.
The bilateral trade relationship is underpinned by the China-Chile free trade agreement of 2017, which renders over 97% of traded goods between the nations, including cherries, exempt from tariffs. The consistent growth of Chilean cherry exports to China, averaging an annual increase of 29% over seven years, underscores China's robust demand for this fruit.
Efforts to enhance logistical efficiency have been significant, with COSCO Shipping launching the "Cherry Express" route, reducing sea transit times to 23 days. Additionally, advancements in air freight have cut transportation times to 30 hours using dedicated cargo planes. This logistical optimization is critical for maintaining the freshness of cherries upon arrival in China.
The trade extends beyond cherries, with Chile and China exchanging other fresh fruits, including nectarines, peaches, and apples, further diversifying their trade portfolio. The recent clearance of Chilean fresh coho salmon for the Chinese market in December highlights the expanding scope of their trade relations.
Source: yicaiglobal.com