Illustration: Liu Xidan/GT

South Korea's annual exports of dried seaweed surpassed the $1 billion mark for the first time this year, largely thanks to strong consumer demand from China, the US, and other markets. Notably, exports to China surged by 36.6 percent year-on-year to $100 million, the Yonhap News Agency reported on Sunday, citing data from the country's Ministry of Oceans and Fisheries.

China's vast market has long been a major driver of global trade, and its ongoing consumption upgrade and economic transformation are now providing the world economy with fresh momentum amid disruptions from protectionism. This new wave of demand is allowing more regions and more sectors worldwide to benefit - extending even to niche areas such as South Korea's dried seaweed exports.

In recent years, China's consumption upgrade and domestic demand-boosting policies have steadily increased consumer need for high-quality products. Distinctive exports from around the world are meeting this demand, benefiting an expanding range of sectors - from agricultural and food products to home appliances and electronics - highlighting the far-reaching impact of China's market transformation.

The surge in imports of food and agricultural products extends beyond dried seaweed to include cherries, coffee, and many other items. Coffee consumption in China, for instance, has grown significantly in recent years, driven by evolving lifestyles and preferences.

According to Chinese customs data, China's net coffee imports rose by 130,800 tons from 2020 to 2024, with a compound annual growth rate of 65.7 percent. Specialty coffee products from Latin American and African countries have been increasingly exported to China. In the first five months of this year alone, coffee imports from Africa increased by 145.7 percent year-on-year, the Xinhua News Agency reported.

Foreign home appliance and electronics companies are also benefiting greatly from China's consumption upgrade and trade-in policies. In recent years, China has encouraged green and energy-efficient trade-ins, boosting demand for high-tech, eco-friendly home appliances such as smart air conditioners and energy-saving refrigerators, from which many foreign appliance companies have profited.

At the same time, Chinese consumers are increasingly favoring intelligent, high-efficiency, and environmentally friendly products over those with only basic functions. Foreign firms that have closely tracked this shift in consumer preferences have also achieved sustained growth.

China's efforts to boost and upgrade consumption and advance high-level opening-up are also providing broad market opportunities for more and more countries and regions around the world, including Latin America and Southeast Asia, creating a win-win scenario that benefits the globe.

According to a Xinhua report earlier this month, the 8th China International Import Expo attracted 4,108 enterprises from 138 countries and regions. This fully demonstrates how China's measures to expand opening-up and unleash market vitality are positively driving the global economy.

Moreover, while China's consumption upgrade directly benefits foreign companies, it also expands trade in the raw materials and commodities needed to produce these products. Against the backdrop of rising protectionism and tariff pressures in global trade, China's economic transformation provides a stabilizing force and makes a significant contribution by helping offset these shocks.

The Financial Times reported in April that Mike Henry, CEO of Australia's BHP, the world's largest mining company, said that the global economic outlook depends on China's ability to boost domestic consumption amid US tariffs threatening trade. Henry said that China's ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.

During the upcoming 15th Five-Year Plan (2026-30) period, China is expected to continue vigorously boosting consumption and implement measures such as strengthening inclusive policies for consumers, further stimulating domestic demand and creating vast opportunities for international companies. China's vast consumer market holds enormous potential.

As China pursues high-quality development and further upgrades domestic consumption while continuously expanding high-level opening-up despite protectionism and disruptions from tariffs, foreign companies are certain to share in increasing benefits from the Chinese market, especially those willing to engage with and follow the evolving demands of the Chinese consumer market.

The author is a reporter with the Global Times. bizopinion@globaltimes.com.cn