Chinese Toys Trade is Growing Faster

SHANGHAI - China reported growth in both import and export of toys in 2016, which fortified the country's status as a major manufacturer and consumer of toys, a report published Thursday said.

Last year, China exported toys valued at $33.7 billion, up around 9.5 percent year on year, while imports hit more than $1 billion, a rise of nearly 23 percent from a year earlier, said the report from China Toy & Juvenile Products Association, citing customs statistics.

Trade and profitability of the toy industry remarkably outstripped light industry as a whole in 2016, according to Zhang Chonghe, head of China National Light Industry Council.

The association predicted that the market size of toys would reach 60.7 billion yuan ($8.8 billion) this year, an increase of 9.2 percent year on year.

Liang Mei, head of the association, attributed the trade growth to the country's new second-child policy, along with improved competitiveness of manufacturers and upgraded consumption.

China has more than 10,000 toy manufacturers with about 6 million employees. From 2011 to 2015, Chinese-made toys accounted for 73 percent of the toys bought globally.

Source:China Daily