European debt crisis affects exports of plug and socket products

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Category: Ningbo Business

Published: Wednesday, 12 October 2011 06:44

As a major manufacturing base of the European market of plug and socket, Cixi saw a decline in its exports of plug and socket this year due to the European debt crisis. Statistics show that in the first three quarters of 2011, Cixi Inspection and Quarantine Bureau accepted 11682 batches of plug and socket exports, 12.52% lower than that of the same period of last year, with a total value of 336 million dollars, decreasing by 5.61% over the same period of last year.

90% of plug and socket products in Cixi is exported to Europe and 90% of the low and middle-grade plug and socket products in the European market come from Cixi. The global financial crisis of 2008 led to the decline of Cixi's plug and socket exports in 2009, the first decline in the last 15 years. This year, the ever increasingly serious European debt crisis greatly affected exports of plug and socket products. According to the analysis of some insiders of the trade, because of the uncertainty of the European debt crisis, the decreasing trend of the exports will not change very soon in the near future and they are not optimistic about the exports of next year.