Where is China's crisis-stricken export market heading? The latest session of the China Import and Export Fair, known as the Canton Fair, a bellwether for the trade climate, could provide some clues. With more foreign buyers roaming the fair's vast halls, the bustling trade show is providing a vivid illustration that an export turnaround is already underway.

The first phase of the Canton Fair from April 15 to 19 witnessed export deals worth $17.1 billion, up by a robust 9.8 percent from the fair's last session in October 2009, said Canton Fair General Secretary Wang Zhiping. Given the export downturn that saw financially distressed foreign buyers purchase less or demand lower prices, this upward trend is a reason to rejoice.

Though in part driven by restocking of Western factories low on inventories, the export recovery is largely a result of recovering overseas demands, said Wang.

But the sector is not without concerns. A note of caution came from He Weiwen, an economics professor of the University of International Business and Economics. "With the European debt crisis escalating, the euro is likely to lose some value against the Chinese currency yuan, putting Chinese exporters on the hook," he said.

In the long run, Western countries are refocusing on manufacturing and exports, intensifying competition with China, He said.