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Figures released by the quality control industry in Asia are good indicators of the health of international trade. AsiaInspection with over 11,000 inspections, audits, and laboratory tests performed during the second quarter of 2010 (+38% from Q2 2009), has identified some interesting trends.
Q2 2010 inspection figures indicate that as China increasingly makes efforts to improve export quality, their consumer products have become even more attractive to importers. Total inspections performed in China are up 35%, exhibiting that China’s unparalleled economic growth-rate continues; making it clear that the sleeping dragon is awake and has just begun its ascent.
Crouching Vietnam, Soaring Dragon
This economic growth continues despite a recent wave of labor disputes in factories across Southern China that many had believed would benefit China’s “cheaper” neighbors; however, so far the numbers don’t support this. While China continues to flex its manufacturing might, the same cannot be said for its Asian counterparts. Most notably, Vietnam posted a 0% change in year over year growth in performed inspections. China has attracted the lion’s share of foreign direct investment coming into Asia, which is clearly reflected in its export growth relative to its neighbors.
Garments and textiles saw the largest year over year increase. A steady increase in the quality of fabrics and apparel from Chinese factories has grown this industry by improving consumer confidence.
US Outpaces EU as Greece Weighs Down Europe
Starting off the year, Q1 figures had the US and the EU posting nearly identical growth, from Q1 2009, in ordered inspections; +11.2% and +11.3% respectively. Q2 2010 numbers however, indicate that while product inspections from the US were up +46%, the EU was down -3.8%; due in large part to the damage caused by recent troubles in Greece permeating other EU member economies.
Press Contact: press@AsiaInspection.com
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