Thursday, December 30, 2010
50% of Toy Exporters Out of Business
Since January 2008, a total of 3,631 small-sized toy producers, 52.7 percent of the industry’s businesses, shut down, according to the Chinese and Japanese media. The rising Chinese currency, along with escalating production costs, drove these exporters out the business. In addition, the financial meltdown in the US provided another tsunami wave to the Chinese toy business. On October 15, factories owned by Smart Union Group Ltd., in Dongguan in Guangdong province, became the latest victim. More than a thousand laborers protested outside the factory’s main gate demanding wage payments and others. Eventually, after the city government provided their wage payments; the laborer protests ended.