Jason Sandefur

The export growth rate of China’s fasteners has slowed down since the beginning of 2008 due to the change in the exchange rate of the Chinese Yuan, China’s macro-control policies and the overall decline in the global economy, China Industry Daily reports.

The China Fastener Manufacturers Association predicts the fastener export growth rate will continue to increase due to the growth of China’s labor productivity, which the organization claims is higher than labor costs.

Other factors favoring export growth are the processing trade competitiveness remains strong, and that the European Union has overcome the U.S. to become China’s largest export destination. �2008 FastenerNews.com