6/20/2012 11:25:00 AM
NEWS BRIEFS
Jiaxing Fastener Exports Drop in Volume and Value

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A global economic slowdown hampered fastener imports and exports from Jiaxing, China, according to ChinaFastener.Info. The overall fastener rate dipped 0.83% to US$212.28 million in the opening quarter of 2012 .

Exports dropped 1.08% to US$206 million, while imports rose 6.94% to US$6.27 million.

Europe and the U.S. remained the top importers, accounting for 47.1% of total Jiaxing fastener exports with a value of US$97.03 million. Exports to the U.S. rose 35.4% to US$55.53 million while exports to Europe dropped 11.8% to US$41.5 million.

Companies with the high export value saw the greatest gains. The number of companies with an export value of over US$5 million in Jiaxing increased to 11 from 8 in the same period of 2011, with the total export value of US$85.8 million, ChinaFastener.Info reports.

While steel or iron fastener export volume for the quarter decreased 8.7% to 143,019 tons, and value dropped 1.08% to US$206 million, the average price jumped 8.92% to US$1,440/ton.

But global economic uncertainty continues to lower expectations.

“The slow recovery of US economy, the unsolved European debt crisis and the weaken demand from other countries and regions in the world may make China’s fastener exports experience a hiccup or two in the future.”

“Price wars” are an additional concern, with “low value-added” fasteners from Vietnam, India, Cambodia, Thailand reportedly squeezing market share of Chinese products overseas. 

Worries about the Chinese economy are producing lower forecasts as well, with the Chinese economy expected to slow 0.7% from 2011 to an annual growth rate of 8.5% in 2012. 

“As Chinese economy slows down, the development of the fastener industry decelerates.” 

To offset domestic declines, fastener firms are looking to rapid development in such emerging regions as South Africa, Southeast Asia, Northeast Asia and Oceania. ©2012 GlobalFastenerNews.com

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