Sold all over the world, China’s toy industry’s way to go overseas

Toys bring a lot of joy and beauty to the world, just like Barbie dolls bring princess dreams to little girls, model toys enrich the imagination and creativity of little boys, and plush dolls also bring dreams to many adults. for companionship and warmth. It can be said that toys are playmates that make the world more fun.

China is the world's largest toy producer, with 70% of the world's toys produced in China. According to online data, China's toy industry exports have been growing steadily, from US$18.39 billion in 2016 to US$46.12 billion in 2021. Among them, the United States is China's largest toy exporter. Toy exports to the United States in 2021 were US$1.38 billion, an increase of 57.3% over the previous year, accounting for 29.2% of China's total toy exports.

The domestic toy industry is widely distributed geographically. There are a considerable number of toy-related companies in Hainan, Guangdong, Zhejiang, Shaanxi, Shandong, and Hebei provinces. Among them, Hainan, Guangdong, and Zhejiang have more than 1.138 million and 909,000 respectively. Yujia and more than 736,000 toy-related companies.

The three major toy production bases of Chenghai, Anhai and Shanghai are collectively known as the "Three Seas". Among them, Chenghai District of Shantou City in eastern Guangdong is home to a nationally renowned toy industry cluster. There are 168 toy companies above designated size in Chenghai District. The annual industrial output value in 2022 will exceed 48 billion yuan. Toy output accounts for 25% of the country. More than 75% of toys are exported to more than 140 countries and regions including Europe, the United States, the Middle East, South America, ASEAN, and Russia. area.

Qiaoxia Town, Yongjia, Wenzhou is the "Capital of Educational Toys in China". There are more than 1,300 manufacturing companies of various types of educational toys and supporting equipment, employing more than 20,000 people, and the average annual growth rate in the past 20 years has been around 10%. Yongjia Qiaoxia Town has more than 30,000 varieties of over 1,000 series in eight categories, which are exported to more than 100 countries and regions at home and abroad.

Hebei's Xiongan New Area has the largest plush toy industry belt in northern China, accounting for 80% of the country's plush toy production and sales. In 2021, the total transaction volume of the county's plush toy industry will exceed 30 billion yuan, and there will be more than 40 cross-border e-commerce companies. The annual export transaction volume will reach 80 million yuan, directly creating employment for 27,000 people, and indirectly creating employment for 130,000 people.

Colin, the marketing director of WindPayer, believes that the industrial chain of the domestic toy industry is very complete. Whether it is styling design, raw material supply, mold processing, supporting finished products, or sales and transportation, it has formed a professional division of labor and collaboration and a high degree of industrial aggregation effect. . However, facing the unpredictable international market and rising costs, domestic toy companies still need to continuously strengthen their branding, innovation, digitalization and other aspects to provide product added value in order to break through the fierce global market competition.

At the same time, foreign trade companies must also pay more attention to the impact of abnormal fluctuations in mainstream exchange rates. Excessive exchange rate fluctuations will cause the company's actual receipts to be inconsistent with expectations, thereby increasing the cost and burden of capital management. In this regard, more high-quality payment service providers will provide real-time exchange rate functions, allowing companies to understand exchange rate fluctuations at any time, collect and settle foreign exchange under relatively ideal conditions, and reduce exchange losses and hidden costs.

In the future, domestic toy foreign trade companies must not only strengthen industrial upgrading and brand building to strengthen global market competitiveness, but also accelerate the digital transformation and upgrading of foreign trade and the digital development of cross-border trade, so as to achieve faster and more efficient results under a safe and sunny trade process. Let’s set sail in overseas markets!