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AsiaInspection Barometer: Chinese Fashion Production is Trendy Again
HONG KONG--(Business Wire)--
The figures from the Quality Control industry in Asia account for a good
indicator of the health of International Trade. Based on a few selected
indicators, AsiaInspection publishes this barometer on a quarterly basis. With
over 9,000 Inspections performed during the 3rd Quarter of 2009 (+ 32% vs. Q3
2008), AsiaInspection emphasized some interesting trends.
The Chinese government, in an effort to stimulate the economy, increased tax
refunds on certain exports. The results were positive; book and stationery
Inspections were up +24%, toys +32%, shoes and fashion accessories +58% and
textile apparel +63% (see chart). As of January 2009, the European Union removed
a barrier forcing companies to source a percentage of their textile business
from within the EU. This coupled with the tax refunds led to this impressive
growth in the textile and garment exports.
Growth in Factory Audits, to the tune of 53%, stresses the demand by consumers
for higher quality products. Companies dealing abroad, particularly China, are
increasingly concerned with protecting their brand after a string of product
scandals.
The Chinese government spent over 7 million Yuan in Q3 2009 to increase food and
drug oversight to improve consumer safety. Chinese suppliers have had numerous
scandals putting consumers at risk. This is a clear attempt to improve consumer
safety and Chinese exporters` reputation.
Social Audits, though up 8%, have not followed Factory Audits. This indicates
importers worldwide are less concerned with social responsibility.
Exporting countries, putting the world back in business
Though consumer discretionary spending was hit hard during the global economic
recession, ProductInspections for electronic goods were up 21% in Q3, indicating
the economy is on the mend.
Eastern Europe continues to be deeply impacted by the recession; Inspection
services were down 54% in the quarter, while neighboring Western Europe saw a
healthy rebound with 29% growth. The United States finally stabilized and
recorded a slight increase of 1.8% from Q3 2008 to Q3 2009. Emerging markets in
Asia and the Middle East continue to lead with 81% and 123% Inspection growthin
the quarter.
AsiaInspection is a Quality Control company (Inspections, Lab Testing and
Factory & Social Audits) in Asia, providing services to more than 3,500 clients
worldwide - http://www.AsiaInspection.com
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