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Toy exporters shut by crisis
Source: Xinhua |
January 18, 2009, Sunday
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Print Edition
Print Edition
PRODUCT recalls, rising production costs and the global financial crisis caused almost 1,000 Chinese toy exporters in one province to shut down last year.
According to data released by Huangpu Customs, 922 toy exporters in Guangdong Province shut down in 2008.
The outcome leaves the area with 2,167 toy exporters compared with 3,089 that were operating in late 2007.
Dongguan, the province's leading toy base, had more than 4,000 factories and some 2,000 suppliers at its peak in 2001 but the numbers began to drop about two years ago.
Rising prices for raw materials and labor, along with a stronger Chinese currency, raised production costs by 25 percent for most companies, according to Li Zhuoming, head of Guangdong Toy Association.
Large quality recalls by international toy giants, including Mattel, also hurt the industry as Western countries raised standards to ensure toy safety.
The financial crisis compounded the situation as consumption fell and fewer orders came in.
In Dongguan, about 20 percent of small toy factories closed last year, according to Huangpu Customs.
China is the world's largest producer and exporter of toys, with Guangdong alone contributing about 70 percent of output.
In 2008, Guangdong exported US$6.1 billion worth of toys, up 3.6 percent from 2007. The growth rate for 2008, however, was 19 percentage points lower than the previous year.
China's export of toys grew at a much slower pace in the first 11 months of 2008, due mainly to shrinking demand from major markets in the ongoing global financial crisis, the General Administration of Customs said yesterday.
According to data released by Huangpu Customs, 922 toy exporters in Guangdong Province shut down in 2008.
The outcome leaves the area with 2,167 toy exporters compared with 3,089 that were operating in late 2007.
Dongguan, the province's leading toy base, had more than 4,000 factories and some 2,000 suppliers at its peak in 2001 but the numbers began to drop about two years ago.
Rising prices for raw materials and labor, along with a stronger Chinese currency, raised production costs by 25 percent for most companies, according to Li Zhuoming, head of Guangdong Toy Association.
Large quality recalls by international toy giants, including Mattel, also hurt the industry as Western countries raised standards to ensure toy safety.
The financial crisis compounded the situation as consumption fell and fewer orders came in.
In Dongguan, about 20 percent of small toy factories closed last year, according to Huangpu Customs.
China is the world's largest producer and exporter of toys, with Guangdong alone contributing about 70 percent of output.
In 2008, Guangdong exported US$6.1 billion worth of toys, up 3.6 percent from 2007. The growth rate for 2008, however, was 19 percentage points lower than the previous year.
China's export of toys grew at a much slower pace in the first 11 months of 2008, due mainly to shrinking demand from major markets in the ongoing global financial crisis, the General Administration of Customs said yesterday.
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