73 Ocean Street, New South Wales 2000, SYDNEY
Contact Person: Callum S Ansell
E: [email protected]
P: (02) 8252 5319
“Is this supplier at Yiwu Futian Market legitimate?” If you’re sourcing products from China’s largest commodities market—spanning an impressive 4 million square meters with 62,000 booths—this question has likely kept you up at night. Having spent years helping businesses navigate supplier verification at Yiwu Futian Market, which serves over 140 countries, I’ll walk you through a foolproof process to identify trustworthy partners.
Difficulty Level: Intermediate
Time Required: 3-7 days for complete verification
Prerequisites:
Before diving into verification processes, it’s crucial to understand the history and development of Yiwu Market. From its humble beginnings in the 1960s with a turnover of just 24 million RMB in 1984, Yiwu Futian Market has grown exponentially. By 1991, it surpassed 1 billion RMB in turnover, transforming into the global wholesale powerhouse we see today.
The stakes are high—in 2009 alone, scams in the market resulted in losses of approximately 400 million yuan ($61.8 million). If you’re finding it difficult to locate reliable Chinese manufacturers, following our comprehensive verification process can help ensure success.
Before beginning your verification process, familiarize yourself with the advantages of the Yiwu commodity market and its unique characteristics. This knowledge will help you navigate the verification process more effectively.
Before starting your supplier search, review the complete Yiwu market guide to understand the layout and organization of different sections.
Financial Health Assessment
Request:
Bank statements for the past 6 months
Recent tax returns
Customs declaration records
For a broader understanding of purchasing processes, consult our China market purchasing guide to complement your supplier verification efforts.