SHENZHEN, China--(BUSINESS WIRE)--AsiaInspection, a leading provider of quality control services for businesses importing from Asia, today announces the AsiaInspection Q2 2011 Barometer, a quarterly synopsis of the Asia-based manufacturing and quality control services industry.
China Sees Higher Trade Surplus, Inspections Follow Suit
In Q2 2011, AsiaInspection service figures in China increased +27% year-over-year, continuing to outpace export growth which grew 20% from year-earlier periods. China’s growth comes in the wake of rising worker wages, continued inflation and supply chain disturbances due to the March earthquake in Japan. AsiaInspection inspection figures also show large increases in Asia’s other top export markets, where inflation is less rampant, with Indonesia up 75.7%, Bangladesh 65.8% and Vietnam +53%.
China Applying its Mideast “Exports-for-Oil” Model in South America
In Q2, demand for AsiaInspection services from clients in the Middle East increased more than from any other region, posting a year-over-year increase of +71.3%, this after several years of China negotiating “exports for oil” in the region, where it now buys more oil and sells more goods than any other country, including the US. (Source: Fast Company, June 2011)
China has been applying the same model across South America, having promised Venezuela $32 billion USD worth of infrastructure projects, aid and other funding. Chinese trade with the region continues to rise, as seen in the increase of AsiaInspection service orders by South American clients, up +37.7% year-over-year and +50% from Q1.
Asia Trade, Unified by China for China
Bangladesh, with inspection figures up +65.8%, has one of the lowest worker wages in Asia. Foreign direct investment proposals have jumped from $584 million USD to $3.83 billion in the last fiscal year, in large part because of the higher wages in China, strengthening of the Chinese Yuan and in recent quarters, higher tariffs imposed on China from select developed countries versus other Southeast Asian countries. For example, China-made LEDs are imposed a 6 percent tariff when imported into the US, while those made in Vietnam are duty-free, opening the door for China itself to finalize production outside of China, to mitigate imposed tariffs.
In addition to a +14.4% increase in the traditionally strong Textile and Apparel category, AsiaInspection inspection figures show products that were sluggish in 2010 make a comeback. The greatest rebounds were seen in Food and Food Packaging up +98%, Homeware and Gardenware +66%, and Construction and Building Materials +37%.
AsiaInspection Audit Figures Reach All-time High
Audit figures for Q2 2011 were up a remarkable +57% year-over-year, and +29% from Q1. According to AsiaInspection CEO Sebastien Breteau, these figures suggest more importers are investing in their suppliers for the long term. “The growth in audit services may mean that more importers recognize the long-term value of helping to improve the quality of their supplier’s operation, and not just the product that they are going to sell next month. Assessing the condition of factory equipment, staff and facilities goes a long way towards improving product quality once production starts.”
About AsiaInspection - Your Eyes in the Factory!™
AsiaInspection is a leading quality control services provider for importers from Asia, providing web-based account management, fast scheduling and highly competitive prices for companies seeking Product Inspection, Factory Audit and Laboratory Testing services in Asia. AsiaInspection serves clients from over 100 countries worldwide. Learn more at www.Asiainspection.com.