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Worst already over for some consumer appliance exporters

By Yu Hongyan (chinadaily.com.cn)
Updated: 2008-10-29 10:19

As China's main exporting destinations bite their nails in the face of the financial crisis, a bundle of export-oriented factories have already shut down their business. However, some consumer appliance exporters in Zhejiang believe the hardest time is over and expect profits for the rest of this year.

"The winter for exporting companies has began in the second half of last year,” said Dong Yuejun, president of Ningbo SMAL electrics Co Ltd. "Adverse factors all came together at that time, including the cost rise in raw materials, appreciation of the yuan and export tariff rebate cut. Those factors, together with rises in lending rates, labor costs and land using costs made it the hardest time for trading companies.”

The consumer appliance manufacturer, based in Yuyao of Zhejiang province, has just received an order worth $10 million from the Canton Fair. Foreseeing the downturn on the international market, Yuyao began to lower operating costs last year, and put more effort into the domestic market to offset the gloomy demand overseas.

"The severest winter has past and we expect gains in the fourth quarter as material cost has dropped and the exchange rate is standing stable these days.” said Dong. "The only problem remains in proceeds collecting but we will have our receivables through factoring. Thanks to the governmental support, the situation with export companies in Zhejiang is better than elsewhere."

With consumer appliances as a pillar industry of the city's economy, the local government of Yuyao has strived to better promote this sector by launching a website for Yuyao consumer appliances. An online trading website is also in the wings. The success of the China Consumer Appliances Expo held here also displayed the overall strength of consumer appliances in Yuyao as a whole.

The development of consumer appliances joined other pillar industries like plastics and molds, machinery and hardware, and chemical fiber and the textile industry, contributing 80 percent to the city's 144.9 billion yuan ($21.17 billion) of gross output.

"It is true that the global slowdown casts a shadow over the consumer appliance industry in Yuyao” said Hu Jianbo, vice director of the city's economic development bureau. "But it also brings an opportunity to upgrade the industry, as the waning tide may wash out inferior factories and make the best player stand out.”