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Craft Styles 2008
Costs Doom Half of Chinese Toy Exporters
The GAC said 3,631 firms, representing almost 53 percent of China’s toy exporters, have gone out of business since January 1, 2008. Those impacted generally represented an export value of “less than $100,000” each, according to the report. The report said 3,507 toy exporters remained in business.
The closings follow a tumultuous 2007 in which China cracked down on toy exporters following last year’s widely publicized lead-related toy recalls. At that time more than 600 toy companies had their export licenses revoked in a campaign to better police the safety of toys originating from China.
Despite the export closings, the report said that in the first eight months of 2008, China’s toy exports grew 1.3 percent from the comparable period of 2007 to $5.17 billion. But it noted that that growth was off 22 percent compared to what it was in 2007 versus 2006.