Wenzhou shoe firms see orders plummet
13/02/2009
According to reports, shoe manufacturers in Wenzhou, China, have experienced a major decline in orders because of the global financial crisis. Some firms claim production has halved since the credit crunch began and exporters fear the situation is likely to get worse before it gets better.
Total Chinese exports fell 17.5% in January compared with January 2008 figures, according to the customs office. This follows a 2.8% drop in December. Economists are expecting foreign trade to continue to fall in the near future.
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