Western shopping splurges revive toy exports
Much to the relief of Chinese toy exporters, shoppers in the West have finally loosened their purse strings for the Christmas rush this year.
“This year’s overseas demand for Christmas toys has been obviously stronger than that of the past few years, as economies in the US and Europe regained strength,” said Zhou Yeliang, general manager of Weihai Teddy Toy Co in Shandong province.
The company saw a 50 percent yearly increase in Christmas toy orders this year. The exports were mainly destined for France and Germany.
Government figures showed that China’s toy exports rose 6.2 percent year- on- year in the first three quarters to $ 8.96 billion.
China’s toy exports were battered by reports of toxic toys in exports to the US in 2008 after hitting a record high of $8.4 billion in 2007. The ensuing years of global financial crisis further slashed consumption for Chinese toys in the US and Europe.
With the US economy growing at 4.1 percent — its fastest pace in nearly two years — and the EU economy also gaining marginal growth in the third quarter, export-oriented toy factories are finally coming out of the doldrums.