Wenzhou Fastener Domestic Sales Go Steady, Exports Decline Dramatically

Although Wenzhou fastener exports declined dramatically with export volume of 4629.6 tons and value of 9.37 million US dollars from January to June, a drop of 64.72% and 59.75% respectively, the output value of some fastener companies in Wenzhou still saw modest growth, for the fastener industry in Wenzhou is mainly based on domestic sales and the benefits from the favorable policies such as deduced vehicle purchase tax on some passenger cars, and auto subsidy program for the rural areas in the first half of the year.

Zhejiang Mingtai Standard Component Co., Ltd. has worked with some famous auto and motorcycle companies such as GM, Toyota. Automotive fasteners takes up about 60%, an increase of 20% compared with last year. Yutai Fastener Co., Ltd. will expand their plant to increase production scale.

It is also learned that the fastener output in Wenzhou from January to June remained the same as the same period of last year. The fastener market in Haicheng of Longwan District mainly focuses on automotive and motorcycle parts, and most of the companies there are the Tier 1 of famous automotive manufacturers. At present, some of the automotive fastener manufacturers in Haicheng Street are busy with production.