Jacky Ren, whose Gstar Electronics Appliance factory used to generate more than 60% of its revenue from U.S. orders, says he has “given up” on the American market.
Ren is not alone. Chinese customs data released this week showed exports from the world's second-largest economy have grown 7.1% to 19.95 trillion yuan ($2.80 trillion) in the first nine months of this year, despite a significant drop in goods heading to the United States.
Still, Chinese exporters aren't exactly happy with the situation, even though they have found new markets.
As China's entire export-oriented manufacturing sector has pivoted almost simultaneously, competition has eroded prices, making it more difficult for manufacturers to make ends meet.
“Every market is highly competitive ... all we can do is hold on and wait for an opportunity.”
On Wednesday, the bustling opening day of the autumn edition of southern China's Canton Fair in Guangzhou - the world's largest trade show - all 15 companies Reuters spoke with said they had seen no U.S. buyers. Most noted an uptick in attendees from Brazil, Southeast Asia and Europe. All said they were prioritising market diversification.
Cai Jing, who runs a travel mug company started by her mother and uncle in 1998 that recently started making personal blenders, said export manufacturers have little choice.
“Sales to the U.S. have dropped a lot, by around half. It’s not that we’re giving up on the U.S. market. It’s that U.S. buyers gave up on us.”
($1=7.1232 yuan) - Reuters
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