China toy export growth slows as global demand shrinks

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 U.S. dollars 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 U.S. dollars, was accounted for by export powerhouse Guangdong Province, up 5.6 percent. Another 710 million U.S. dollars worth and 510 million dollars worth was accounted for by Jiangsu and Zhejiang Provinces, respectively, up 3 percent and 10.6 percent. Shanghai exported 360million U.S. dollars worth of toys, down 14.1 percent.

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

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

Source:Xinhua