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More that 50 percent of China's toy factories has closed its doors this year, writes the BBC, quoting official figures. That does not mean of course that half of the industry is gone, as mostly smaller and badly-run factories went out of business.
A total of 3,631 toy exporters, or 52.7% of the industry's businesses, shut down in 2008, according to figures from the Chinese General Administration of Customs reported by the official Xinhua news agency.
That was too early to blame the current financial crisis: the toy crisis took its own victims, although only 600 export licenses of toy factories were recalled for quality problems. Tougher safety measure and a stronger Chinese currency are blamed for the watershed. That change might not yet be over, as the financial crisis might hurt export even more.
1 comments:
Duncan
said...
The key point on this story is that US$ toy exports still managed to rise year on year in the same period (by just over 1%). That's partly a reflection of the US dollar weakness, but nevertheless suggests that the bigger factories (presumably the bigger employers) are still going strong.
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1 comments:
The key point on this story is that US$ toy exports still managed to rise year on year in the same period (by just over 1%). That's partly a reflection of the US dollar weakness, but nevertheless suggests that the bigger factories (presumably the bigger employers) are still going strong.
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