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Indications of recovery in global toy industry
Source: Xinhua |
September 21, 2009, Monday
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GUANGDONG Province in south China is the barometer of the global toy industry as it is the world's largest base for toy production and exports.
There are signs toy producers are recovering from the downturn at the beginning of the year, but higher technical and safety standards for products demanded by export markets may be working as trade protection.
Guangzhou City customs figures show the province exported US$2.56 billion worth of toy products in the first seven months of this year, down 12.1 percent year on year. But the decline was 2 percentage points lower than that in the first half.
Li Zhuoming, executive vice chairman of the Guangdong Toy Association, said toy exports totaled US$600 million in July alone, a monthly high this year after eclipsing June's US$400 million.
"This suggests global demand for China-made Christmas toys is rapidly increasing," Li said.
This comes as no surprise though as the third quarter is usually the big season for toy exports, said Liang Lin, board chairman of Lung Cheong International Holdings Ltd, one of the largest toy producers in Guangdong.
Analysts say the government's decision to increase tax rebates on toy exports from 13 percent to 15 percent since June 1 has helped the industry.
Brand building and technological innovation have also helped the industry.
There are signs toy producers are recovering from the downturn at the beginning of the year, but higher technical and safety standards for products demanded by export markets may be working as trade protection.
Guangzhou City customs figures show the province exported US$2.56 billion worth of toy products in the first seven months of this year, down 12.1 percent year on year. But the decline was 2 percentage points lower than that in the first half.
Li Zhuoming, executive vice chairman of the Guangdong Toy Association, said toy exports totaled US$600 million in July alone, a monthly high this year after eclipsing June's US$400 million.
"This suggests global demand for China-made Christmas toys is rapidly increasing," Li said.
This comes as no surprise though as the third quarter is usually the big season for toy exports, said Liang Lin, board chairman of Lung Cheong International Holdings Ltd, one of the largest toy producers in Guangdong.
Analysts say the government's decision to increase tax rebates on toy exports from 13 percent to 15 percent since June 1 has helped the industry.
Brand building and technological innovation have also helped the industry.
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