Open

Coming up

Don't miss

Replay


LATEST SHOWS

AFRICA NEWS

Tunisia presidential elections: Final day of campaigning ahead of Sunday's vote

Read more

FRANCE IN FOCUS

Holiday season: celebrating a secular Christmas

Read more

REPORTERS

Argentina: The Kirchner era

Read more

#THE 51%

Are toys really us?

Read more

ENCORE!

Child brides, the people of Syria and New York’s homeless

Read more

FOCUS

Video: Pakistan in mourning after school massacre

Read more

AFRICA NEWS

Kenya: Security law approved despite disruptions in Parliament

Read more

DEBATE

Wrecked Rouble: Putin Defiant as Currency Tumbles (part 2)

Read more

DEBATE

Wrecked Rouble: Putin Defiant as Currency Tumbles (part 1)

Read more

Asia-pacific Asia-pacific

Nearly half of Chinese toy makers shut down

Latest update : 2009-02-09

Chinese media reported that, in 2008, nearly half of the country's toy makers had to file for bankruptcy due to the global crisis. The number of companies shrunk from 8,610 to 4,388. A six-month ban on toys by India didn't help matters.

AFP - Nearly half of China's toy makers closed last year due to shrinking exports brought about by the global financial crisis, Chinese media reported Monday.
  
At the start of 2008, China had 8,610 companies that produced and exported toys, but by the end of the year, that number had declined by 49 percent to 4,388, the Beijing Times said, citing customs data.
  
Chinese toy exports grew marginally in 2008 by 1.8 percent to 8.6 billion dollars, but the overall figure masked a dramatically worsening performance towards the end of the year, according to the paper.
  
In November, toy exports declined by 8.6 percent from the same month a year earlier, while December marked a drop of 7.6 percent, the paper said.
  
China's southern province of Guangdong, which produces roughly half of the world's toys, has seen some large-scale factory closures.
  
Smart Union, a Hong Kong-listed maker of products for US giants Mattel and Disney, shut down in October last year, causing 7,000 people to lose their jobs.
  
China's toy industry had already been facing problems before the economic crisis struck.
  
Recalls around the world of dangerous Chinese-made toys severely tarnished the industry's reputation, while rising labour and land costs also caused problems.
  
Adding to the woes, India banned Chinese toy imports in late January for six months, triggering trade tensions between the world's two biggest emerging economies.
  
In reaction, Chinese officials are now deciding whether they should appeal to the WTO Dispute Settlement Body, state media said last week.
  
Overall, China's exports have also been hit hard by the crisis, with shipments abroad declining for the first time in seven years in November and December.

Date created : 2009-02-09

COMMENT(S)