Xinhua Silk Road: Snowsky Salt sets up import and export subsidiary to expand global footprint
BEIJING, July 17, 2023 /PRNewswire/ -- Snowsky Salt Industry Group Co., Ltd (Snowsky Salt, 600929.SH), a Chinese salt production and marketing enterprise, inaugurated a subsidiary for the import and export of its products on July 1 in Changsha City, central China's Hunan Province, as part of the efforts to expand its overseas business.
The new company aims to become an important salt and salt chemical supplier in Asia. It targets at business footprint in more than 10 countries and regions in 2023, with exports reaching 500,00 tonnes and revenue of over 40 million yuan. Its goals for the 2024-2025 period are to reach Japan, the Republic of Korea, the ten ASEAN member countries, the Middle East and other regions, export 150,000 tonnes of products and generate around 150 million yuan of revenue.
The establishment of the subsidiary marks a step forward for Snowsky Salt, which has seen a compound annual growth rate of over 20 percent in business in recent years, to become a world-class salt enterprise.
Snowsky Salt began exploring exporting salt products to global markets in 2019.
In June of 2020, the company exported 6,000-odd tonnes of edible salt to Angola, marking its first entry into the African market. In July of the same year, it exported over 1200 tonnes of edible salt in small bags to Singapore, followed by exports of such product to Cambodia and Laos.
In June 2021, the salt producer opened an account on Alibaba.com, making its products available for cross-border e-commerce trading.
In 2022, Snowsky Salt moved on to expand business in the Middle East. From the end of 2022 to the beginning of this year, it conducted thorough research on the ASEAN markets and paid visits to countries such as Cambodia and Laos.
Snowsky Salt has seen booming export business. It exported 67,000 tonnes of salt in 2021, with a sales revenue exceeding 30 million yuan. Its exports in 2022 reached 90,000 tonnes.
Meanwhile, the company's export structure kept optimizing. Export products have covered edible salt, daily salt and salt chemical products, in comparison with only large bags of salt previously.
It's learned that Snowsky Salt will first focus on markets in the Asia Pacific region, especially in Southeast Asia, and then expand its presence in the Middle East, Africa, Europe and America.
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