Toy exports down 17.8%

Toy exports for the first 11 months of 2008 were down 17.8%, state media reported. The General Administration of Customs attributed the drop to declining demand from major markets that are now suffering from the global financial crisis. The US and Europe were the destination for 67.1% of  China’s toy exports. The number of toy manufacturers dropped to 3,289 from 4,211 during the same period. Pressure from product recalls in 2007 and the resulting higher costs from necessary improvements in product testing also played a role in the factory closures, officials said.