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Toy story is one of a slump in exports
Source: Xinhua |
November 25, 2009, Wednesday
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GUANGDONG, China's major toy manufacturing province, saw a slump in toy exports in October amid increasing costs, the provincial customs said yesterday.
Its toy export volume dropped by 13.3 percent to US$670 million in October. The province's overall toy export volume in the first 10 months amounted to US$4.6 billion, down 11 percent year on year, according to a statement from Guangdong's Huangpu customs.
The volume of Guangdong's toy exports to the United States, European and Hong Kong markets in the first 10 months were respectively US$1.93 billion, US$1.14 billion and US$410 million, dropping by 15.2 percent, 10.9 percent and 12 percent.
The cost of toy manufacturing has increased by 25 percent on average, while prices remained unchanged due to slack demand and keen competition, said a customs official.
As both the EU and the US adopted more stringent standards on imported toys, Chinese manufacturers were having to spend more on product inspection.
The enhanced standards also led to a cost increase of about 15 percent as manufacturers had to purchase more expensive materials, the customs official said.
In addition, the cost of the oil derivatives widely used in making toys, had jumped as the crude oil price rocketed from US$35 per barrel early this year to US$80 per barrel. Also rising were the costs of labor and transport.
Its toy export volume dropped by 13.3 percent to US$670 million in October. The province's overall toy export volume in the first 10 months amounted to US$4.6 billion, down 11 percent year on year, according to a statement from Guangdong's Huangpu customs.
The volume of Guangdong's toy exports to the United States, European and Hong Kong markets in the first 10 months were respectively US$1.93 billion, US$1.14 billion and US$410 million, dropping by 15.2 percent, 10.9 percent and 12 percent.
The cost of toy manufacturing has increased by 25 percent on average, while prices remained unchanged due to slack demand and keen competition, said a customs official.
As both the EU and the US adopted more stringent standards on imported toys, Chinese manufacturers were having to spend more on product inspection.
The enhanced standards also led to a cost increase of about 15 percent as manufacturers had to purchase more expensive materials, the customs official said.
In addition, the cost of the oil derivatives widely used in making toys, had jumped as the crude oil price rocketed from US$35 per barrel early this year to US$80 per barrel. Also rising were the costs of labor and transport.
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