Commodities valued at 2.96 billion yuan ($429.81 million) have been exported from Huzhou, East China's Zhejiang province under the market procurement trade model so far this year, a whopping uptick of 107.7 percent year-on-year.

As the pilot zone for the new trade model, which was implemented in late November 2020, the city's Wuxing district exported about 2.39 billion yuan worth of goods, up 69 percent year-on-year, official statistics show.

To date, 1,154 market entities across Huzhou have applied to export their goods through the market procurement trade model. The commodities exported via the model are primarily children's wear, furniture, plastic products, toys and mechanical and electrical products. The combined value of these products make up 60 percent of the city's total.

In mid-September 2020, 17 markets, including the Huzhou (Zhili) children's clothing and consumer goods trading management center, were designated as national pilot zones for market procurement trade.

Through this model, business operators buy goods with a single declaration value of up to $150,000 in market cluster areas recognized by commerce authorities and other agencies, as well as undergo export clearance procedures at the point of purchase.

Eligible enterprises will be entitled to VAT exemptions and faster customs clearance services. They are also allowed to directly handle foreign transactions.