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China toy exports down in 2008, news agency reports

From Playthings -- Kids Today, 5/28/2008 2:24:00 PM

BEIJING—China's toy exports, while still growing, slowed significantly in the first quarter of 2008 compared to the corresponding period of 2007.

Citing China’s Xinhua News Agency, the Associated Press said China’s toy exports from January through March grew 3 percent, down from a nearly 24 percent growth rate in the first quarter of 2007.

The decline was blamed on higher production costs, the negative impact of China’s increasingly strong currency compared to the U.S. dollar, and continuing product safety concerns.

Total toy exports during the quarter were worth $1.5 billion, the Xinhua said, citing China's customs agency. Toy exports to the United States fell 5.8 percent to $590 million during the period, according to Xinhua.

Toy sales to Hong Kong—generally assumed to be a weigh point for further shipping to the U.S. and other international markets—fell 26.8 percent to $110 million, AP reported.

Exports to Europe rose 14.8 percent to $380 million, Xinhua said

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