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Toy export growth slows due to shrinking demand

(Xinhua)
Updated: 2008-12-19 11:13

BEIJING - China's toy exports have been hurt by the global financial crisis, with growth slowing substantially, the General Administration of Customs said on Friday.

Between January and October, China exported US$7.34 billion worth of toys, up 3.7 percent year-on-year. The growth rate was 16.6 percentage points lower than the year-earlier level.

Related readings:  China toy factory board agree to renew labor contracts  Domestic toy-makers to check design flaws of foreign companies  China asks toy-makers to check design flaws  Guangdong's toy export industry stable amid global recession

Lingering pressure from safety-related product recalls last year also constrained growth, Customs said.

Of the total, 71.3 percent, or US$5.23 billion, was accounted for by export powerhouse Guangdong Province, up 5.6 percent. Another US$710 million worth and 510 million dollars worth was accounted for by Jiangsu and Zhejiang Provinces, respectively, up 3 percent and 10.6 percent. Shanghai exported US$360 million worth of toys, down 14.1 percent.

Foreign-funded companies accounted for 47.2 percent of exports, with sales of US$3.47 billion, up 4.4 percent.

The United States and European Union were the major markets for Chinese toys.