China, which produces more toys for the world market than any other country, saw more than half of its toy exporters go out of business in the first seven months of this year, the General Administration of Customs said, according to state media. The rising yuan and increased production and labor costs were key factors causing 3,631 toy exporters, or 52.7% of the industry’s businesses, to close. They were mainly small-sized toy producers with an export value of less than US$100,000. Another 3,507 toy exporters were still in business. For the first seven months of the year, China exported US$5.17 billion worth of toys – 1.3% more than the same period last year, but at a growth rate 21.80% slower. The US credit crisis contributed to a 5.2% drop in toy exports to that country from January through July.
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