Value of Chinese Toy Exports to Korea Nearly Doubles in Four Years(Yicai Global) Nov. 27 -- Since China has become the global original equipment manufacturer (OEM) hub for toys, the value of China-made toys South Korea has imported nearly doubled in four years.
Korea brought in USD645.27 million worth of Chinese toys from January to October, marking a 12-percent increase over the same period last year, Korea Custom Services data show. That figure rose from USD332.17 million during the same period of 2013. South Korea is set to import more than USD800 million of Chinese toys this year.
China-made items represented 72.8 percent of South Korean toy imports from January to October, up from 59.1 percent in the first ten months of 2013. Most of the Chinese imports, including Turning Mecard toys, are produced through Korean firms' OEM deals with companies in China.
Many famous toy brands, including several from Japan, have commissioned Chinese enterprises to conduct production, bringing the proportion of toys made in China to 70 percent.
Although the number of children in South Korea has declined on low birth rates, the market for some of the toys that kids favor has expanded, an industry insider said. Chinese toy imports to Korea have risen as many western toys have failed to gain popularity among Koreans, Yonhap News Agency reported.
