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China toy export growth slows as global demand shrinks

(Xinhua)
Updated: 2008-12-19 11:04

Special coverage: Coping with Financial Crisis

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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 $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.

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

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

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

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